UCC1 - Financing Statement Addendum - Kentucky - 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.
Louisville Kentucky UCC1 Financing Statement Addendum is a legal document that provides additional information and amendments to the original UCC1 Financing Statement filed in Louisville, Kentucky. This addendum helps ensure the accuracy and completeness of the original statement by allowing secured parties to modify or clarify certain terms and conditions. It is crucial to provide a detailed description of the collateral to protect the interests of all parties involved. There are various types of UCC1 Financing Statement Addendum available in Louisville, Kentucky, each serving a specific purpose. Some common types include: 1. Amendment Addendum: This type of addendum is used when there is a need to make changes to the original financing statement. It allows secured parties to correct errors, update information, or extend the filing period. 2. Collateral Description Addendum: This addendum focuses on providing a more detailed and specific description of the collateral. It helps avoid any confusion or misinterpretation, ensuring that all parties understand the scope and nature of the secured assets. 3. Termination Addendum: When the secured party releases their interest in the collateral or the debt has been fully satisfied, a termination addendum is used to formally terminate the UCC1 Financing Statement. It provides a clear record of the termination for future reference. 4. Assignment Addendum: In cases where the secured party transfers their interest in the collateral to another party, an assignment addendum is utilized. It outlines the details of the assignment, including the assignee's information and the terms of the transfer. 5. Continuation Addendum: UCC1 Financing Statements generally expire after a specific period. A continuation addendum allows the secured party to extend the duration of the original filing, ensuring that their interest remains protected. It is important to file this addendum before the expiration date to maintain priority over other parties. Overall, the Louisville Kentucky UCC1 Financing Statement Addendum exists to enhance the accuracy, completeness, and transparency of the original financing statement. It enables secured parties to make necessary amendments, provide additional details, terminate an interest, or reflect any changes in ownership. Utilizing the appropriate addendum ensures legal compliance and protects the interests of all parties involved in a secured transaction.
