Saint Paul Minnesota UCC1 Financing Statement Addendum

• Category: Minnesota Contracts - Uniform Commercial Code
• State: Minnesota
• City: Saint Paul
• Control #: MN-UCC1-A
• Format: PDF

Description

UCC1 - Financing Statement Addendum - Minnesota - 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. A UCC1 Financing Statement Addendum in Saint Paul, Minnesota is a legal document filed by a lender to ensure their interest in a secured transaction is effectively protected. It serves as an extension or modification of the original UCC1 Financing Statement filed. The UCC1 Financing Statement Addendum allows lenders to list additional collateral or modify existing information that was previously filed. This is crucial for lenders to maintain their priority in case of any changes in the borrower's collateral or business arrangements. Keywords: UCC1 Financing Statement Addendum, Saint Paul, Minnesota, legal document, lender, secured transaction, additional collateral, modification, priority. Types of UCC1 Financing Statement Addendum in Saint Paul, Minnesota may include: 1. Collateral Addition Addendum: This addendum is used when a lender wants to add additional collateral to an existing UCC1 Financing Statement. It ensures that the lender's interest is extended to cover the newly added assets. 2. Collateral Substitution Addendum: A lender may file this addendum to substitute existing collateral with different assets. It allows the lender to update their security interest and maintain priority over the new collateral. 3. Amendment Addendum: This addendum is filed when there is a need to modify or correct information on the original UCC1 Financing Statement. It may involve updating the debtor's name, address, or making any necessary corrections. 4. Termination Addendum: A lender may file this addendum to terminate their interest in a specific collateral or an entire UCC1 Financing Statement. It is filed when the secured loan has been paid off or when the collateral is no longer required to secure the loan. 5. Continuation Addendum: This addendum extends the validity period of the original UCC1 Financing Statement. It is filed to maintain the lender's priority over other potential claimants, as UCC1 Financing Statements typically expire after a specific time. Keywords: Collateral Addition Addendum, Collateral Substitution Addendum, Amendment Addendum, Termination Addendum, Continuation Addendum.

A UCC1 Financing Statement Addendum in Saint Paul, Minnesota is a legal document filed by a lender to ensure their interest in a secured transaction is effectively protected. It serves as an extension or modification of the original UCC1 Financing Statement filed. The UCC1 Financing Statement Addendum allows lenders to list additional collateral or modify existing information that was previously filed. This is crucial for lenders to maintain their priority in case of any changes in the borrower's collateral or business arrangements. Keywords: UCC1 Financing Statement Addendum, Saint Paul, Minnesota, legal document, lender, secured transaction, additional collateral, modification, priority. Types of UCC1 Financing Statement Addendum in Saint Paul, Minnesota may include: 1. Collateral Addition Addendum: This addendum is used when a lender wants to add additional collateral to an existing UCC1 Financing Statement. It ensures that the lender's interest is extended to cover the newly added assets. 2. Collateral Substitution Addendum: A lender may file this addendum to substitute existing collateral with different assets. It allows the lender to update their security interest and maintain priority over the new collateral. 3. Amendment Addendum: This addendum is filed when there is a need to modify or correct information on the original UCC1 Financing Statement. It may involve updating the debtor's name, address, or making any necessary corrections. 4. Termination Addendum: A lender may file this addendum to terminate their interest in a specific collateral or an entire UCC1 Financing Statement. It is filed when the secured loan has been paid off or when the collateral is no longer required to secure the loan. 5. Continuation Addendum: This addendum extends the validity period of the original UCC1 Financing Statement. It is filed to maintain the lender's priority over other potential claimants, as UCC1 Financing Statements typically expire after a specific time. Keywords: Collateral Addition Addendum, Collateral Substitution Addendum, Amendment Addendum, Termination Addendum, Continuation Addendum.