Chicago Illinois UCC1 Financing Statement Addendum

• Category: Illinois Contracts - Statewide - Uniform Commercial Code
• State: Illinois
• City: Chicago
• Control #: IL-UCC1-A
• Format: Word; PDF; Rich Text

Description

UCC1 - Financing Statement Addendum - Illinois - For use after July 1, 2001. This form permits you to add an additional debtor if necessary to cover collateral as specified in the statement. The UCC1 Financing Statement Addendum in the context of Chicago, Illinois refers to a document that supplements the initial UCC1 Financing Statement, which is filed by a creditor to establish their security interest in collateral provided by a debtor to secure a loan or a debt. The UCC1 Financing Statement is governed by the Uniform Commercial Code (UCC) and is essential for establishing priority over other potential creditors. The UCC1 Financing Statement Addendum is an additional document that is filed when further information needs to be provided or when amendments need to be made to the original UCC1 Financing Statement. It serves to ensure accuracy and completeness of the filing and to properly disclose the rights and obligations of both the creditor and the debtor. There are different types of UCC1 Financing Statement Addendums that could be filed in Chicago, Illinois, depending on the specific circumstances. Some common types include: 1. Continuation: This addendum is filed to extend the duration of the initial UCC1 Financing Statement when it is about to expire. It ensures that the creditor's security interest remains valid and continues to have priority over other creditors. 2. Assignment: When a creditor assigns their security interest to another party, they file an assignment addendum. This addendum reflects the transfer of the rights and obligations from the original creditor to the assignee. 3. Termination: If a debtor fully pays off their debt or if the collateral securing the debt is sold, a termination addendum is filed. It is used to officially terminate the security interest of the creditor and remove it from public record. Other possible addendums may include an amendment to correct errors or inaccuracies in the initial filing, a partial release of specific collateral, or a change of debtor's information. It is important to note that the specific requirements and forms for UCC1 Financing Statement Addendums may vary slightly by jurisdiction, including Chicago, Illinois. It is advisable to consult the relevant local laws and regulations, as well as seek legal advice, to ensure proper compliance with the filing requirements.

The UCC1 Financing Statement Addendum in the context of Chicago, Illinois refers to a document that supplements the initial UCC1 Financing Statement, which is filed by a creditor to establish their security interest in collateral provided by a debtor to secure a loan or a debt. The UCC1 Financing Statement is governed by the Uniform Commercial Code (UCC) and is essential for establishing priority over other potential creditors. The UCC1 Financing Statement Addendum is an additional document that is filed when further information needs to be provided or when amendments need to be made to the original UCC1 Financing Statement. It serves to ensure accuracy and completeness of the filing and to properly disclose the rights and obligations of both the creditor and the debtor. There are different types of UCC1 Financing Statement Addendums that could be filed in Chicago, Illinois, depending on the specific circumstances. Some common types include: 1. Continuation: This addendum is filed to extend the duration of the initial UCC1 Financing Statement when it is about to expire. It ensures that the creditor's security interest remains valid and continues to have priority over other creditors. 2. Assignment: When a creditor assigns their security interest to another party, they file an assignment addendum. This addendum reflects the transfer of the rights and obligations from the original creditor to the assignee. 3. Termination: If a debtor fully pays off their debt or if the collateral securing the debt is sold, a termination addendum is filed. It is used to officially terminate the security interest of the creditor and remove it from public record. Other possible addendums may include an amendment to correct errors or inaccuracies in the initial filing, a partial release of specific collateral, or a change of debtor's information. It is important to note that the specific requirements and forms for UCC1 Financing Statement Addendums may vary slightly by jurisdiction, including Chicago, Illinois. It is advisable to consult the relevant local laws and regulations, as well as seek legal advice, to ensure proper compliance with the filing requirements.