UCC1 - Financing Statement Addendum - Arizona - For use after July 1, 2001This form permits you to add an additional debtor if necessary to cover collateral as specified in the statement.
A UCC1 Financing Statement Addendum is an additional document that provides supplementary information to the initial UCC1 Financing Statement. In the context of Surprise, Arizona, UCC1 Financing Statement Addendums are commonly used to perfect security interests in personal property assets. The Surprise Arizona UCC1 Financing Statement Addendum is a legal form that provides critical details about the secured party, debtor, and collateral involved in a financial transaction. By filing this addendum, creditors can ensure the protection of their interests in case the debtor defaults or encounters financial difficulties. Some key elements of a Surprise Arizona UCC1 Financing Statement Addendum include: 1. Secured Party Information: This section includes the name, mailing address, and contact details of the secured party. It ensures that the creditor's information is properly recorded for future reference. 2. Debtor Information: The addendum requests the full legal name, mailing address, and contact information of the debtor. This information is crucial to identify and locate the debtor if necessary. 3. Collateral Details: The addendum allows creditors to describe the collateral in which they have a security interest. This may include a detailed description of the assets, such as equipment, inventory, accounts receivable, or other personal property. 4. Additional Debtor Information: When multiple debtors are involved in a transaction, this section provides space to include additional debtor details. This ensures that all parties are accounted for and their respective interests are protected. It's important to note that while Surprise Arizona UCC1 Financing Statement Addendums are based on a standardized form, there may be different types depending on the unique circumstances of the financial transaction. For example: 1. Amended UCC1 Financing Statement Addendum: This type of addendum is filed when there are changes or updates to the previously filed UCC1 Financing Statement. It allows for alterations to debtor information, collateral description, or secured party details. 2. Continuation UCC1 Financing Statement Addendum: Creditors may file this addendum to extend the period of time that their initial UCC1 Financing Statement remains effective. It ensures the continued priority of the security interest. 3. Termination UCC1 Financing Statement Addendum: This addendum is utilized when the security interest in the collateral has been satisfied, released, or no longer exists. It informs the relevant parties that the UCC1 Financing Statement is no longer valid. In conclusion, the Surprise Arizona UCC1 Financing Statement Addendum is a vital legal document used to supplement the initial UCC1 Financing Statement, providing additional information about secured parties, debtors, and collateral. By utilizing various types of addendums, such as amended, continuation, or termination, creditors can maintain proper documentation, ensure legal protection, and navigate financial transactions smoothly.A UCC1 Financing Statement Addendum is an additional document that provides supplementary information to the initial UCC1 Financing Statement. In the context of Surprise, Arizona, UCC1 Financing Statement Addendums are commonly used to perfect security interests in personal property assets. The Surprise Arizona UCC1 Financing Statement Addendum is a legal form that provides critical details about the secured party, debtor, and collateral involved in a financial transaction. By filing this addendum, creditors can ensure the protection of their interests in case the debtor defaults or encounters financial difficulties. Some key elements of a Surprise Arizona UCC1 Financing Statement Addendum include: 1. Secured Party Information: This section includes the name, mailing address, and contact details of the secured party. It ensures that the creditor's information is properly recorded for future reference. 2. Debtor Information: The addendum requests the full legal name, mailing address, and contact information of the debtor. This information is crucial to identify and locate the debtor if necessary. 3. Collateral Details: The addendum allows creditors to describe the collateral in which they have a security interest. This may include a detailed description of the assets, such as equipment, inventory, accounts receivable, or other personal property. 4. Additional Debtor Information: When multiple debtors are involved in a transaction, this section provides space to include additional debtor details. This ensures that all parties are accounted for and their respective interests are protected. It's important to note that while Surprise Arizona UCC1 Financing Statement Addendums are based on a standardized form, there may be different types depending on the unique circumstances of the financial transaction. For example: 1. Amended UCC1 Financing Statement Addendum: This type of addendum is filed when there are changes or updates to the previously filed UCC1 Financing Statement. It allows for alterations to debtor information, collateral description, or secured party details. 2. Continuation UCC1 Financing Statement Addendum: Creditors may file this addendum to extend the period of time that their initial UCC1 Financing Statement remains effective. It ensures the continued priority of the security interest. 3. Termination UCC1 Financing Statement Addendum: This addendum is utilized when the security interest in the collateral has been satisfied, released, or no longer exists. It informs the relevant parties that the UCC1 Financing Statement is no longer valid. In conclusion, the Surprise Arizona UCC1 Financing Statement Addendum is a vital legal document used to supplement the initial UCC1 Financing Statement, providing additional information about secured parties, debtors, and collateral. By utilizing various types of addendums, such as amended, continuation, or termination, creditors can maintain proper documentation, ensure legal protection, and navigate financial transactions smoothly.
