The Nassau New York UCC1 Financing Statement Addendum is an essential document that serves as an attachment or extension to the original Uniform Commercial Code (UCC) filing in Nassau County, New York. This addendum provides additional information or clarifications to the original financing statement, ensuring accuracy and completeness. The UCC1 Financing Statement Addendum is crucial in securing creditor rights and interests related to security agreements, sales of accounts receivable, or any transaction involving personal property. By submitting this document, creditors can assert their priority position in case of debtor default or bankruptcy. There are several types of Nassau New York UCC1 Financing Statement Addendum, including: 1. Amended Addendum: This type of addendum is used when there are modifications to the original financing statement information. Creditors may need to change debtor details, collateral descriptions, or other relevant data. The amended addendum ensures that updated information is recorded and legally binding. 2. Continuation Addendum: When the original financing statement's effectiveness expires (typically after five years), creditors can file a continuation addendum to extend the security interest. This addendum is crucial in maintaining and preserving the creditor's priority status and extends the UCC filing for an additional term. 3. Assignment Addendum: In case a creditor transfers its interest in the secured collateral to another party, an assignment addendum is used. This addendum ensures that the new secured party's details are properly recorded, allowing them to assume the original creditor's rights and responsibilities. 4. Termination Addendum: When the debt is satisfied, released, or no longer enforceable, a termination addendum is filed. This addendum extinguishes the original financing statement's effectiveness and releases the secured party's interest. It serves to notify other interested parties that the security interest is no longer valid. 5. Partial Release Addendum: If only a portion of the collateral subject to the original financing statement is released or satisfied, a partial release addendum is utilized. This addendum ensures that the remaining collateral remains secured while acknowledging the partial release or satisfaction. By submitting the appropriate Nassau New York UCC1 Financing Statement Addendum, creditors can ensure accurate and up-to-date recording of information related to their security interests. These addenda provide necessary flexibility when modifications, continuations, assignments, terminations, or partial releases occur in a financing arrangement, allowing creditors to protect their interests effectively.