The High Point North Carolina UCC1 Financing Statement Addendum is an official document that serves as an extension or supplementary attachment to the UCC1 Financing Statement. It aims to provide additional details, amendments, or corrections to the original financing statement, ensuring accuracy and completeness of the information provided. This addendum plays a crucial role in maintaining transparency and clarity in financial transactions within High Point, North Carolina. The UCC1 Financing Statement Addendum comes in various types to address specific circumstances and requirements. An individual may encounter the following types: 1. Amendment Addendum: This addendum type is utilized when changes or modifications need to be made to the original financing statement. It effectively updates previously submitted information, such as debtor details, collateral descriptions, or filing instructions. 2. Continuation Addendum: When the original financing statement is approaching its expiration date, this addendum type extends the validity period. By filing a continuation addendum, the secured party ensures the continuous effectiveness of their security interest without interruption. 3. Assignment Addendum: In cases where a secured party transfers their interest or assigns it to another party, the assignment addendum is used. This addendum reflects the change in ownership or control of the security interest. 4. Termination Addendum: When a security interest is no longer valid or needs to be released, the termination addendum comes into play. Filing this addendum officially indicates that the associated financing statement is no longer in effect, releasing any claims or liens on the collateral. 5. Partial Release Addendum: In situations where a debtor has repaid a portion of their debt, the secured party may file a partial release addendum. This addendum releases the lien on a specific portion of the collateral, acknowledging the partial satisfaction of the debt. These various addendum types offer flexibility and precision, allowing parties involved in financial transactions to accurately reflect any changes or developments in their UCC1 Financing Statement. By utilizing the High Point North Carolina UCC1 Financing Statement Addendum, individuals and businesses can ensure compliance with the Uniform Commercial Code (UCC), maintain accurate records of security interests, and protect their financial interests in High Point, North Carolina.
The High Point North Carolina UCC1 Financing Statement Addendum is an official document that serves as an extension or supplementary attachment to the UCC1 Financing Statement. It aims to provide additional details, amendments, or corrections to the original financing statement, ensuring accuracy and completeness of the information provided. This addendum plays a crucial role in maintaining transparency and clarity in financial transactions within High Point, North Carolina. The UCC1 Financing Statement Addendum comes in various types to address specific circumstances and requirements. An individual may encounter the following types: 1. Amendment Addendum: This addendum type is utilized when changes or modifications need to be made to the original financing statement. It effectively updates previously submitted information, such as debtor details, collateral descriptions, or filing instructions. 2. Continuation Addendum: When the original financing statement is approaching its expiration date, this addendum type extends the validity period. By filing a continuation addendum, the secured party ensures the continuous effectiveness of their security interest without interruption. 3. Assignment Addendum: In cases where a secured party transfers their interest or assigns it to another party, the assignment addendum is used. This addendum reflects the change in ownership or control of the security interest. 4. Termination Addendum: When a security interest is no longer valid or needs to be released, the termination addendum comes into play. Filing this addendum officially indicates that the associated financing statement is no longer in effect, releasing any claims or liens on the collateral. 5. Partial Release Addendum: In situations where a debtor has repaid a portion of their debt, the secured party may file a partial release addendum. This addendum releases the lien on a specific portion of the collateral, acknowledging the partial satisfaction of the debt. These various addendum types offer flexibility and precision, allowing parties involved in financial transactions to accurately reflect any changes or developments in their UCC1 Financing Statement. By utilizing the High Point North Carolina UCC1 Financing Statement Addendum, individuals and businesses can ensure compliance with the Uniform Commercial Code (UCC), maintain accurate records of security interests, and protect their financial interests in High Point, North Carolina.
