Financing Statement Additional Party form for adding additional Debtors or Secured Parties to Financing Statements (Form UCC1) filed with the Arizona filing office.
The Phoenix Arizona UCC1 Financing Statement Additional Party refers to an official document that accompanies the UCC1 Financing Statement when filing with the Arizona Secretary of State's office. This additional party section provides an opportunity to add extra names and information related to the debtor and secured party. When filing a UCC1 Financing Statement, the primary parties involved are typically the debtor (the person or entity that owes the debt) and the secured party (the person or entity that holds the security interest in the debtor's collateral). However, in certain cases, there may be other parties involved that need to be included for various reasons. The purpose of the Phoenix Arizona UCC1 Financing Statement Additional Party section is to include such additional parties in the filing. This allows for a more comprehensive record of the interests in the collateral, ensuring that all relevant parties are duly notified about the debtor's assets and any potential claims or liens against them. Some common types of additional parties that may be included in the Phoenix Arizona UCC1 Financing Statement are: 1. Additional Secured Parties: This refers to any party, other than the primary secured party, that has a security interest in the collateral. By including these additional secured parties, the filing provides notice of multiple parties having rights or claims to the debtor's assets. 2. Assignees: If the secured party assigns their interest in the collateral to another party, the assignee's name and relevant information can be included as an additional party. This ensures that the new assignee's rights are recognized and protected. 3. Guarantors: In certain situations, there may be individuals or entities that provide a guarantee for the debt owed by the debtor. Including these guarantors as additional parties adds a layer of protection for the secured party in case of default by the debtor. 4. Other Interested Parties: Any other relevant party who has an interest in the collateral and should be notified can also be mentioned as an additional party. This may include co-debtors, co-signers, or other individuals or entities that have a legal stake in the debtor's assets. By including these additional parties in the Phoenix Arizona UCC1 Financing Statement, the filing becomes more comprehensive and provides a complete picture of the various interests involved in the collateral. This is crucial in establishing priority rights and ensuring that all relevant parties are informed about any potential claims or liens on the debtor's assets.
