Wake North Carolina UCC1 Financing Statement Addendum

• Category: North Carolina Contracts - Uniform Commercial Code
• State: North Carolina
• County: Wake
• Control #: NC-UCC1-A
• Format: PDF

Description

UCC1 - Financing Statement Addendum - North Carolina - 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 Wake North Carolina UCC1 Financing Statement Addendum is a vital legal document for individuals or businesses engaged in secured transactions in Wake County, North Carolina. It serves as an attachment to the UCC1 Financing Statement, adhering to the rules and guidelines set forth by the Uniform Commercial Code (UCC). The primary purpose of the Wake North Carolina UCC1 Financing Statement Addendum is to provide additional information and clarify details about the secured party, debtor, collateral, and other relevant elements of the secured transaction. By including this addendum, parties aim to ensure that their interests are properly documented and protected. There are various types of Wake North Carolina UCC1 Financing Statement Addenda, each addressing different aspects of the secured transaction. Some notable examples include: 1. Amendment Addendum: This addendum is used when parties need to modify or amend the information provided in the original UCC1 Financing Statement. It allows for corrections or updates to be made, such as changes in the debtor's name, address, or the addition/removal of collateral. 2. Assignment Addendum: When a secured party transfers or assigns its interest in the collateral to another party, an assignment addendum is used. This document ensures that the change of ownership or rights is properly recorded and acknowledged. 3. Continuation Addendum: This addendum allows secured parties to extend the effectiveness of their UCC1 Financing Statement beyond the initial five-year period. By filing a continuation addendum, parties can maintain their priority over other potential creditors and continue their security interest for an extended duration. 4. Termination Addendum: When the secured debt has been repaid in full, or if the collateral is no longer in possession, a termination addendum is filed. This addendum effectively cancels and terminates the UCC1 Financing Statement, releasing the secured party's interest in the collateral. It is important to note that the specific requirements and formats of Wake North Carolina UCC1 Financing Statement Addenda may vary, and it is recommended to consult legal counsel or review the state-specific guidelines to ensure accurate completion and filing. By adhering to these requirements, parties can avoid potential complications and protect their rights in secured transactions within Wake County, North Carolina.

The Wake North Carolina UCC1 Financing Statement Addendum is a vital legal document for individuals or businesses engaged in secured transactions in Wake County, North Carolina. It serves as an attachment to the UCC1 Financing Statement, adhering to the rules and guidelines set forth by the Uniform Commercial Code (UCC). The primary purpose of the Wake North Carolina UCC1 Financing Statement Addendum is to provide additional information and clarify details about the secured party, debtor, collateral, and other relevant elements of the secured transaction. By including this addendum, parties aim to ensure that their interests are properly documented and protected. There are various types of Wake North Carolina UCC1 Financing Statement Addenda, each addressing different aspects of the secured transaction. Some notable examples include: 1. Amendment Addendum: This addendum is used when parties need to modify or amend the information provided in the original UCC1 Financing Statement. It allows for corrections or updates to be made, such as changes in the debtor's name, address, or the addition/removal of collateral. 2. Assignment Addendum: When a secured party transfers or assigns its interest in the collateral to another party, an assignment addendum is used. This document ensures that the change of ownership or rights is properly recorded and acknowledged. 3. Continuation Addendum: This addendum allows secured parties to extend the effectiveness of their UCC1 Financing Statement beyond the initial five-year period. By filing a continuation addendum, parties can maintain their priority over other potential creditors and continue their security interest for an extended duration. 4. Termination Addendum: When the secured debt has been repaid in full, or if the collateral is no longer in possession, a termination addendum is filed. This addendum effectively cancels and terminates the UCC1 Financing Statement, releasing the secured party's interest in the collateral. It is important to note that the specific requirements and formats of Wake North Carolina UCC1 Financing Statement Addenda may vary, and it is recommended to consult legal counsel or review the state-specific guidelines to ensure accurate completion and filing. By adhering to these requirements, parties can avoid potential complications and protect their rights in secured transactions within Wake County, North Carolina.