Elgin Illinois UCC1 Financing Statement Addendum

• Category: Illinois Contracts - Statewide - Uniform Commercial Code
• State: Illinois
• City: Elgin
• 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. Elgin, Illinois UCC1 Financing Statement Addendum is a legal document that provides additional information and clarification to the original UCC1 financing statement filed with respect to a debtor's security interest in collateral. This addendum is governed by the Uniform Commercial Code (UCC) provisions specific to the state of Illinois. The UCC1 Financing Statement Addendum in Elgin, Illinois is typically used to modify or update the information contained in the original UCC1 financing statement. It is crucial to ensure accuracy and completeness in the filing to protect the creditor's interest in the collateral if the debtor defaults. There are a few different types of UCC1 Financing Statement Addendum available in Elgin, Illinois, depending on the specific circumstances and requirements of the debtor-creditor relationship: 1. Collateral Description Addendum: This addendum is used to provide a more detailed and specific description of the collateral covered by the original UCC1 financing statement. It helps avoid any potential ambiguity or confusion regarding the nature of the collateral. 2. Debtor Information Change Addendum: When there are changes in the debtor's name, address, or other identifying information, this addendum is used to reflect the updated details. It ensures that the UCC1 financing statement remains accurate and up to date. 3. Amendment Addendum: If there are any changes to the terms and conditions of the original UCC1 financing statement, such as the release of collateral, additional security interest, or alteration of the debtor-creditor relationship, an amendment addendum is filed to record these modifications. 4. Continuation Addendum: The UCC1 financing statement is valid for a specific period (usually five years). However, if the original filing is nearing expiration, a continuation addendum can be filed to extend the effectiveness of the UCC1 financing statement for an additional period. 5. Termination Addendum: When a debtor's obligations are fully satisfied, and there is no longer any security interest in the collateral, a termination addendum is filed to officially release the UCC1 financing statement and remove it from public record. The Elgin, Illinois UCC1 Financing Statement Addendum plays a vital role in ensuring the accuracy, completeness, and legal compliance of UCC filings. It enables both debtors and creditors to maintain clear records of their obligations, rights, and interests in the collateral, promoting transparency and protecting their respective positions in the event of default or dispute.

Elgin, Illinois UCC1 Financing Statement Addendum is a legal document that provides additional information and clarification to the original UCC1 financing statement filed with respect to a debtor's security interest in collateral. This addendum is governed by the Uniform Commercial Code (UCC) provisions specific to the state of Illinois. The UCC1 Financing Statement Addendum in Elgin, Illinois is typically used to modify or update the information contained in the original UCC1 financing statement. It is crucial to ensure accuracy and completeness in the filing to protect the creditor's interest in the collateral if the debtor defaults. There are a few different types of UCC1 Financing Statement Addendum available in Elgin, Illinois, depending on the specific circumstances and requirements of the debtor-creditor relationship: 1. Collateral Description Addendum: This addendum is used to provide a more detailed and specific description of the collateral covered by the original UCC1 financing statement. It helps avoid any potential ambiguity or confusion regarding the nature of the collateral. 2. Debtor Information Change Addendum: When there are changes in the debtor's name, address, or other identifying information, this addendum is used to reflect the updated details. It ensures that the UCC1 financing statement remains accurate and up to date. 3. Amendment Addendum: If there are any changes to the terms and conditions of the original UCC1 financing statement, such as the release of collateral, additional security interest, or alteration of the debtor-creditor relationship, an amendment addendum is filed to record these modifications. 4. Continuation Addendum: The UCC1 financing statement is valid for a specific period (usually five years). However, if the original filing is nearing expiration, a continuation addendum can be filed to extend the effectiveness of the UCC1 financing statement for an additional period. 5. Termination Addendum: When a debtor's obligations are fully satisfied, and there is no longer any security interest in the collateral, a termination addendum is filed to officially release the UCC1 financing statement and remove it from public record. The Elgin, Illinois UCC1 Financing Statement Addendum plays a vital role in ensuring the accuracy, completeness, and legal compliance of UCC filings. It enables both debtors and creditors to maintain clear records of their obligations, rights, and interests in the collateral, promoting transparency and protecting their respective positions in the event of default or dispute.