UCC3 - Financing Statement Amendment Addendum - Arizona - For use after July 1, 2001. This form is to be used as an addendum to the financing statement amendment. This form is to be filed in the real estate records.
Title: Maricopa Arizona UCC3 Financing Statement Amendment Addendum: A Comprehensive Overview Introduction: The Maricopa Arizona UCC3 Financing Statement Amendment Addendum is an important legal document that allows for the modification, continuation, or termination of a financing statement recorded under the Uniform Commercial Code (UCC). This detailed description aims to shed light on the purpose, types, and significance of the Maricopa Arizona UCC3 Financing Statement Amendment Addendum. Key Terms: — Maricopa, Arizona: This term refers to the specific geographical location in the state of Arizona where this UCC3 Financing Statement Amendment Addendum is applicable. — UCC3: The term UCC3 denotes the third article of the Uniform Commercial Code, which governs the amendment and termination of previously filed financing statements. Purpose: The primary purpose of the Maricopa Arizona UCC3 Financing Statement Amendment Addendum is to provide a means for secured creditors or debtors to modify the information contained within a previously filed financing statement. It allows for the amendment of the debtor's name, address, collateral description, or other details for accurate and up-to-date record-keeping. Types of Addendum: 1. Amendment: The amendment addendum is employed when there is a need to correct or modify specific information on the original financing statement. Common amendments include updates to the debtor's name due to a legal name change, correction of clerical errors, or changes to the collateral description. 2. Continuation: The continuation addendum is utilized when the original financing statement is about to expire. This addendum extends the effectiveness of the financing statement beyond its initial five-year term, ensuring that the secured party's interest remains perfected. 3. Termination: The termination addendum is employed when the secured party no longer has an interest in the collateral and wishes to remove their claim from public record. It entails officially terminating the financing statement, removing any obligations or liabilities associated with it. Significance: The Maricopa Arizona UCC3 Financing Statement Amendment Addendum is vital for maintaining accurate and current financial records. It provides a legal framework that ensures transparency, protects the rights of both debtors and secured creditors, and allows for the efficient management of assets and liabilities pertaining to secured transactions. Conclusion: The Maricopa Arizona UCC3 Financing Statement Amendment Addendum allows for the modification, continuation, or termination of financing statements under the UCC. By familiarizing oneself with this document, individuals can navigate the legal aspects associated with secured transactions effectively. Whether through an amendment, continuation, or termination, this addendum plays a crucial role in ensuring accurate and reliable records while safeguarding the interests of all parties involved.Title: Maricopa Arizona UCC3 Financing Statement Amendment Addendum: A Comprehensive Overview Introduction: The Maricopa Arizona UCC3 Financing Statement Amendment Addendum is an important legal document that allows for the modification, continuation, or termination of a financing statement recorded under the Uniform Commercial Code (UCC). This detailed description aims to shed light on the purpose, types, and significance of the Maricopa Arizona UCC3 Financing Statement Amendment Addendum. Key Terms: — Maricopa, Arizona: This term refers to the specific geographical location in the state of Arizona where this UCC3 Financing Statement Amendment Addendum is applicable. — UCC3: The term UCC3 denotes the third article of the Uniform Commercial Code, which governs the amendment and termination of previously filed financing statements. Purpose: The primary purpose of the Maricopa Arizona UCC3 Financing Statement Amendment Addendum is to provide a means for secured creditors or debtors to modify the information contained within a previously filed financing statement. It allows for the amendment of the debtor's name, address, collateral description, or other details for accurate and up-to-date record-keeping. Types of Addendum: 1. Amendment: The amendment addendum is employed when there is a need to correct or modify specific information on the original financing statement. Common amendments include updates to the debtor's name due to a legal name change, correction of clerical errors, or changes to the collateral description. 2. Continuation: The continuation addendum is utilized when the original financing statement is about to expire. This addendum extends the effectiveness of the financing statement beyond its initial five-year term, ensuring that the secured party's interest remains perfected. 3. Termination: The termination addendum is employed when the secured party no longer has an interest in the collateral and wishes to remove their claim from public record. It entails officially terminating the financing statement, removing any obligations or liabilities associated with it. Significance: The Maricopa Arizona UCC3 Financing Statement Amendment Addendum is vital for maintaining accurate and current financial records. It provides a legal framework that ensures transparency, protects the rights of both debtors and secured creditors, and allows for the efficient management of assets and liabilities pertaining to secured transactions. Conclusion: The Maricopa Arizona UCC3 Financing Statement Amendment Addendum allows for the modification, continuation, or termination of financing statements under the UCC. By familiarizing oneself with this document, individuals can navigate the legal aspects associated with secured transactions effectively. Whether through an amendment, continuation, or termination, this addendum plays a crucial role in ensuring accurate and reliable records while safeguarding the interests of all parties involved.
