Financing Statement Additional Party form for adding additional Debtors or Secured Parties to Financing Statements (Form UCC1) filed with the Michigan filing office.
Ann Arbor Michigan UCC1 Financing Statement Additional Party refers to an additional party that can be included in a UCC1 financing statement filed in Ann Arbor, Michigan. UCC1 financing statements are legal documents used to provide public notice of a creditor's security interest in personal property. These statements are governed by the Uniform Commercial Code (UCC) and are crucial in facilitating secured transactions. In Ann Arbor, Michigan, an additional party can be added to a UCC1 financing statement for various reasons, such as: 1. Co-Signer: Sometimes, a borrower may require a co-signer to secure a loan. In such cases, the co-signer's information is added as an additional party to the UCC1 financing statement. This ensures that both the borrower and the co-signer's interests are protected. 2. Guarantor: A guarantor is someone who agrees to be responsible for a debt if the borrower defaults. In the context of UCC1 financing statements, a guarantor's details can be included as an additional party. This provides extra security to the creditor in case the borrower fails to repay the loan. 3. Second Lien holder: If there are multiple creditors involved in a transaction, an additional party can be included in the UCC1 financing statement as a second lien holder. This party would have a subordinate security interest in the collateral compared to the primary creditor. When filing a UCC1 financing statement in Ann Arbor, Michigan, it is essential to provide accurate and detailed information about the additional party. This typically includes: — Legal Name: The full legal name of the additional party involved in the transaction, which may be an individual or a legal entity. — Address: The address of the additional party's primary place of business or residence. It is essential to provide a current and valid address to ensure proper notification and establish the enforceability of the security interest. — Identification Number: The additional party's unique identification number, such as their Social Security Number (SSN) or Employer Identification Number (EIN). This helps to avoid any confusion or identification. By providing complete and accurate information about the Ann Arbor Michigan UCC1 Financing Statement Additional Party, creditors can ensure their security interest is properly perfected under the UCC, protecting their rights in case of default or bankruptcy.
