Oakland Michigan UCC1 Financing Statement Addendum

• Category: Michigan Secretary of State - Uniform Commercial Code
• State: Michigan
• County: Oakland
• Control #: MI-UCC1-A
• Format: PDF

Description

UCC1 - Financing Statement Addendum - Michigan - 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 Oakland Michigan UCC1 Financing Statement Addendum is a legal document that complements the UCC1 Financing Statement, providing additional information and context to better protect the interests of lenders and borrowers in Oakland County, Michigan. This addendum serves as an attachment to the original UCC1 filing, reinforcing specific details for added clarity and precision. Some key elements that can be included in the Oakland Michigan UCC1 Financing Statement Addendum are: 1. Debtor Information: The addendum may provide crucial details about the borrower, including their legal name, address, unique identifiers such as social security number or taxpayer identification number, and any alternative names or business entities associated with the debtor. This information ensures accurate identification and helps establish a clear link between the borrower and the financing statement. 2. Collateral Description: The addendum can elaborate on the specifics of the property or assets being offered as collateral for the loan or credit transaction. This may include a detailed description of the nature of the collateral, its location, serial numbers, quantity, or any other relevant identifying features. Providing comprehensive collateral information helps define the scope of the security interest and protects the lender's rights in case of default or disputes. 3. Amendments and Modifications: In situations where amendments or modifications need to be made to the original UCC1 Financing Statement, the addendum can outline these changes explicitly. This facilitates better record-keeping and ensures that all relevant parties are aware of the updates, promoting transparency and accuracy. 4. Additional Parties Involved: When multiple parties are involved in a financing arrangement, the addendum provides space to include information about secondary borrowers or guarantors. This could encompass their legal names, addresses, and any other essential identifiers, emphasizing their role in the transaction and the security interests associated with them. It's worth noting that while there may not be specific types of Oakland Michigan UCC1 Financing Statement Addendum variations, the content and structure can vary depending on the specific requirements and instructions provided by the relevant governing authorities. To ensure compliance and accuracy, consulting legal professionals or referring to the appropriate guidelines is essential.

The Oakland Michigan UCC1 Financing Statement Addendum is a legal document that complements the UCC1 Financing Statement, providing additional information and context to better protect the interests of lenders and borrowers in Oakland County, Michigan. This addendum serves as an attachment to the original UCC1 filing, reinforcing specific details for added clarity and precision. Some key elements that can be included in the Oakland Michigan UCC1 Financing Statement Addendum are: 1. Debtor Information: The addendum may provide crucial details about the borrower, including their legal name, address, unique identifiers such as social security number or taxpayer identification number, and any alternative names or business entities associated with the debtor. This information ensures accurate identification and helps establish a clear link between the borrower and the financing statement. 2. Collateral Description: The addendum can elaborate on the specifics of the property or assets being offered as collateral for the loan or credit transaction. This may include a detailed description of the nature of the collateral, its location, serial numbers, quantity, or any other relevant identifying features. Providing comprehensive collateral information helps define the scope of the security interest and protects the lender's rights in case of default or disputes. 3. Amendments and Modifications: In situations where amendments or modifications need to be made to the original UCC1 Financing Statement, the addendum can outline these changes explicitly. This facilitates better record-keeping and ensures that all relevant parties are aware of the updates, promoting transparency and accuracy. 4. Additional Parties Involved: When multiple parties are involved in a financing arrangement, the addendum provides space to include information about secondary borrowers or guarantors. This could encompass their legal names, addresses, and any other essential identifiers, emphasizing their role in the transaction and the security interests associated with them. It's worth noting that while there may not be specific types of Oakland Michigan UCC1 Financing Statement Addendum variations, the content and structure can vary depending on the specific requirements and instructions provided by the relevant governing authorities. To ensure compliance and accuracy, consulting legal professionals or referring to the appropriate guidelines is essential.