Chicago Illinois UCC3 Financing Statement Amendment Addendum

• Category: Illinois Contracts - Statewide - Uniform Commercial Code
• State: Illinois
• City: Chicago
• Control #: IL-UCC3-A
• Format: Word; PDF; Rich Text

Description

UCC3 - Financing Statement Amendment Addendum - Illinois - 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. The Chicago Illinois UCC3 Financing Statement Amendment Addendum is a legal document used in commercial transactions to modify or update a previously filed UCC3 financing statement. It is specifically applicable to transactions and businesses based in the state of Illinois, particularly in Chicago. The UCC3 Financing Statement Amendment Addendum is an essential mechanism for ensuring accuracy and transparency in contractual agreements between lenders and borrowers. It allows parties involved in a financing statement to make changes to the original filing, such as updating debtor or secured party information, adding or removing collateral descriptions, or amending any other relevant provisions. In Chicago, there are various types of UCC3 Financing Statement Amendment Addenda, each serving a specific purpose. Some of these variations include: 1. Amendment to Correct Financing Statement: This addendum is used when there are errors, omissions, or inaccuracies in the original financing statement that need to be addressed and corrected. It allows parties to rectify any mistakes and ensure the accuracy of the information on record. 2. Amendment to Add Additional Collateral: If the parties wish to add additional collateral that was not included in the original financing statement, they can do so using this type of addendum. It specifies the details of the new collateral to be included and attaches it to the existing filing. 3. Amendment to Add Additional Debtors or Secured Parties: When there is a need to add or remove debtors or secured parties from the original financing statement, this addendum is employed. It ensures that all relevant parties are properly identified and acknowledged in the legal document. 4. Amendment to Terminate Financing Statement: In cases where the obligations or transactions covered by the financing statement have been fully satisfied, parties can file this addendum to terminate the financing statement. It signifies that the security interest has been released, and no further action is required. Overall, the Chicago Illinois UCC3 Financing Statement Amendment Addendum is a crucial instrument for maintaining accuracy and updating information in commercial financing transactions. It ensures that all parties involved are aware of any changes or modifications to the original filing, providing clarity and transparency in contractual relationships.

The Chicago Illinois UCC3 Financing Statement Amendment Addendum is a legal document used in commercial transactions to modify or update a previously filed UCC3 financing statement. It is specifically applicable to transactions and businesses based in the state of Illinois, particularly in Chicago. The UCC3 Financing Statement Amendment Addendum is an essential mechanism for ensuring accuracy and transparency in contractual agreements between lenders and borrowers. It allows parties involved in a financing statement to make changes to the original filing, such as updating debtor or secured party information, adding or removing collateral descriptions, or amending any other relevant provisions. In Chicago, there are various types of UCC3 Financing Statement Amendment Addenda, each serving a specific purpose. Some of these variations include: 1. Amendment to Correct Financing Statement: This addendum is used when there are errors, omissions, or inaccuracies in the original financing statement that need to be addressed and corrected. It allows parties to rectify any mistakes and ensure the accuracy of the information on record. 2. Amendment to Add Additional Collateral: If the parties wish to add additional collateral that was not included in the original financing statement, they can do so using this type of addendum. It specifies the details of the new collateral to be included and attaches it to the existing filing. 3. Amendment to Add Additional Debtors or Secured Parties: When there is a need to add or remove debtors or secured parties from the original financing statement, this addendum is employed. It ensures that all relevant parties are properly identified and acknowledged in the legal document. 4. Amendment to Terminate Financing Statement: In cases where the obligations or transactions covered by the financing statement have been fully satisfied, parties can file this addendum to terminate the financing statement. It signifies that the security interest has been released, and no further action is required. Overall, the Chicago Illinois UCC3 Financing Statement Amendment Addendum is a crucial instrument for maintaining accuracy and updating information in commercial financing transactions. It ensures that all parties involved are aware of any changes or modifications to the original filing, providing clarity and transparency in contractual relationships.