Financing Statement Additional Party form for adding additional Debtors or Secured Parties to Financing Statements (Form UCC1) filed with the Illinois filing office.
The Chicago Illinois UCC1 Financing Statement Additional Party refers to a legal form that is used to provide notice of a secured party's interest in collateral in the state of Illinois, specifically in the city of Chicago. The UCC1 Financing Statement serves as a record that establishes a secured party's priority over collateral and protects their interest in case of default or bankruptcy. In the context of the UCC1 Financing Statement Additional Party, an additional party is a party that may have a secondary or subordinate interest in the collateral. This could include those who have a subordinated security interest, a contingent interest, or any other interest that is lesser in priority to the primary secured party. There can be various types of additional parties in a Chicago Illinois UCC1 Financing Statement, and each has its own designation: 1. Subordinate Party: This is a party who has a security interest in the collateral but has agreed to subordinate their interest to another party. They have a lower priority in receiving payment in case of default or repossession. 2. Contingent Party: This refers to a party who has a potential interest in the collateral but is contingent upon certain conditions being met. For example, they may have a claim to the assets in case a certain event occurs or if a specific condition is fulfilled. 3. Secondary Party: This is a party who has a security interest in the collateral but holds a secondary position in terms of priority. If the primary secured party fails to collect the debt or becomes unsecured, the secondary party may step in and attempt to recover the collateral. 4. Future Advance Party: This type of additional party is one who holds an interest that will arise upon the granting of future advances by the primary secured party. They typically have a security interest in collateral that is being used as collateral for future or additional loans. It is important to carefully identify and include all relevant additional parties in a UCC1 Financing Statement to ensure that their interests are properly recorded and protected. This documentation helps establish the rights and obligations of each party involved and provides a clear understanding of the order of priority in case of default or bankruptcy.The Chicago Illinois UCC1 Financing Statement Additional Party refers to a legal form that is used to provide notice of a secured party's interest in collateral in the state of Illinois, specifically in the city of Chicago. The UCC1 Financing Statement serves as a record that establishes a secured party's priority over collateral and protects their interest in case of default or bankruptcy. In the context of the UCC1 Financing Statement Additional Party, an additional party is a party that may have a secondary or subordinate interest in the collateral. This could include those who have a subordinated security interest, a contingent interest, or any other interest that is lesser in priority to the primary secured party. There can be various types of additional parties in a Chicago Illinois UCC1 Financing Statement, and each has its own designation: 1. Subordinate Party: This is a party who has a security interest in the collateral but has agreed to subordinate their interest to another party. They have a lower priority in receiving payment in case of default or repossession. 2. Contingent Party: This refers to a party who has a potential interest in the collateral but is contingent upon certain conditions being met. For example, they may have a claim to the assets in case a certain event occurs or if a specific condition is fulfilled. 3. Secondary Party: This is a party who has a security interest in the collateral but holds a secondary position in terms of priority. If the primary secured party fails to collect the debt or becomes unsecured, the secondary party may step in and attempt to recover the collateral. 4. Future Advance Party: This type of additional party is one who holds an interest that will arise upon the granting of future advances by the primary secured party. They typically have a security interest in collateral that is being used as collateral for future or additional loans. It is important to carefully identify and include all relevant additional parties in a UCC1 Financing Statement to ensure that their interests are properly recorded and protected. This documentation helps establish the rights and obligations of each party involved and provides a clear understanding of the order of priority in case of default or bankruptcy.
