Suffolk New York UCC1 Financing Statement Addendum

• Category: New York Secretary of State - Uniform Commercial Code
• State: New York
• County: Suffolk
• Control #: NY-UCC1-A
• Format: Word; PDF; Rich Text

Description

UCC1 - Financing Statement Addendum - New York - 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 Suffolk New York UCC1 Financing Statement Addendum is an important legal document used in commercial transactions to provide additional information and clarification regarding a UCC1 Financing Statement filed in Suffolk County, New York. This addendum is crucial for securing a creditor's interest in collateral and protecting them in case of default or bankruptcy. The Suffolk New York UCC1 Financing Statement Addendum serves to supplement the original UCC1 Financing Statement, ensuring that all parties have a clear understanding of the terms and conditions of the transaction. It contains vital details that further describe the collateral, such as serial numbers, specific locations, or additional identifying information. This addendum also allows for the inclusion of updated information or changes to the original financing statement, ensuring accuracy and completeness. Different types of Suffolk New York UCC1 Financing Statement Addendum may include: 1. Amendment Addendum: This type of addendum is used when there are changes or revisions to the original UCC1 Financing Statement, such as modifications to the debtor's name, changes to the collateral description, or updates to the secured party's information. An amendment addendum ensures that the financing statement remains up to date and reflects the accurate and current status of the transaction. 2. Termination Addendum: When a loan has been repaid in full or the security interest has been released, a termination addendum may be filed. This addendum serves to nullify or terminate the previously filed UCC1 Financing Statement, ensuring that the collateral is no longer pledged as security and releasing any claim or lien on the debtor's assets. 3. Assignment Addendum: In cases where a secured party transfers or assigns their rights to another party, an assignment addendum is filed. This document indicates that the security interest in the collateral has been assigned to a new secured party, ensuring that the chain of ownership and rights is clearly established. The Suffolk New York UCC1 Financing Statement Addendum plays a critical role in securing the interests of both debtors and creditors in commercial transactions. It provides transparency, accuracy, and protection for all parties involved, guaranteeing that the terms and conditions of the transaction are properly recorded and understood. Properly completing and filing the applicable addendum is essential to ensure compliance with the Uniform Commercial Code (UCC) and protect one's interests in Suffolk County, New York.

The Suffolk New York UCC1 Financing Statement Addendum is an important legal document used in commercial transactions to provide additional information and clarification regarding a UCC1 Financing Statement filed in Suffolk County, New York. This addendum is crucial for securing a creditor's interest in collateral and protecting them in case of default or bankruptcy. The Suffolk New York UCC1 Financing Statement Addendum serves to supplement the original UCC1 Financing Statement, ensuring that all parties have a clear understanding of the terms and conditions of the transaction. It contains vital details that further describe the collateral, such as serial numbers, specific locations, or additional identifying information. This addendum also allows for the inclusion of updated information or changes to the original financing statement, ensuring accuracy and completeness. Different types of Suffolk New York UCC1 Financing Statement Addendum may include: 1. Amendment Addendum: This type of addendum is used when there are changes or revisions to the original UCC1 Financing Statement, such as modifications to the debtor's name, changes to the collateral description, or updates to the secured party's information. An amendment addendum ensures that the financing statement remains up to date and reflects the accurate and current status of the transaction. 2. Termination Addendum: When a loan has been repaid in full or the security interest has been released, a termination addendum may be filed. This addendum serves to nullify or terminate the previously filed UCC1 Financing Statement, ensuring that the collateral is no longer pledged as security and releasing any claim or lien on the debtor's assets. 3. Assignment Addendum: In cases where a secured party transfers or assigns their rights to another party, an assignment addendum is filed. This document indicates that the security interest in the collateral has been assigned to a new secured party, ensuring that the chain of ownership and rights is clearly established. The Suffolk New York UCC1 Financing Statement Addendum plays a critical role in securing the interests of both debtors and creditors in commercial transactions. It provides transparency, accuracy, and protection for all parties involved, guaranteeing that the terms and conditions of the transaction are properly recorded and understood. Properly completing and filing the applicable addendum is essential to ensure compliance with the Uniform Commercial Code (UCC) and protect one's interests in Suffolk County, New York.