Yonkers New York UCC1 Financing Statement Addendum

• Category: New York Secretary of State - Uniform Commercial Code
• State: New York
• City: Yonkers
• 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. Yonkers New York UCC1 Financing Statement Addendum is a legal document that serves as an extension or addition to the original UCC1 Financing Statement filed in Yonkers, New York. This addendum provides supplementary information or modifies the existing terms of the initial financing statement. The purpose of the Yonkers New York UCC1 Financing Statement Addendum is to ensure transparency and accuracy in documenting secured transactions involving personal property. It enables creditors to establish their priority rights in case of debtor default or bankruptcy. Various types of Yonkers New York UCC1 Financing Statement Addendum may exist, depending on the specific details that need to be included or modified. Some common types include: 1. Amendment Addendum: This addendum is used to make changes or corrections to the original financing statement. It allows creditors to update information such as debtor's name, address, collateral description, or amendment of the original terms. 2. Continuation Addendum: When the initial UCC1 Financing Statement is set to expire, creditors can file a continuation addendum to extend the validity period. This prevents the release of the security interest and ensures ongoing protection of the secured creditor's rights. 3. Partial Release Addendum: If a debtor has successfully repaid a portion of the debt secured by the collateral specified in the UCC1 Financing Statement, the creditor can file a partial release addendum to release the security interest on the repaid portion while keeping the remaining collateral secured. 4. Termination Addendum: When the underlying debt is fully satisfied, the creditor can file a termination addendum to release the security interest entirely. This document serves as proof that the debtor has fulfilled their obligations, and it removes the creditor's claim on the collateral. The Yonkers New York UCC1 Financing Statement Addendum plays a vital role in protecting the rights of both creditors and debtors in secured transactions. It ensures accurate and up-to-date information regarding the collateral, priority of claims, and other relevant details. Properly filing the appropriate addendum is crucial for maintaining legal compliance and preventing disputes in the future.

Yonkers New York UCC1 Financing Statement Addendum is a legal document that serves as an extension or addition to the original UCC1 Financing Statement filed in Yonkers, New York. This addendum provides supplementary information or modifies the existing terms of the initial financing statement. The purpose of the Yonkers New York UCC1 Financing Statement Addendum is to ensure transparency and accuracy in documenting secured transactions involving personal property. It enables creditors to establish their priority rights in case of debtor default or bankruptcy. Various types of Yonkers New York UCC1 Financing Statement Addendum may exist, depending on the specific details that need to be included or modified. Some common types include: 1. Amendment Addendum: This addendum is used to make changes or corrections to the original financing statement. It allows creditors to update information such as debtor's name, address, collateral description, or amendment of the original terms. 2. Continuation Addendum: When the initial UCC1 Financing Statement is set to expire, creditors can file a continuation addendum to extend the validity period. This prevents the release of the security interest and ensures ongoing protection of the secured creditor's rights. 3. Partial Release Addendum: If a debtor has successfully repaid a portion of the debt secured by the collateral specified in the UCC1 Financing Statement, the creditor can file a partial release addendum to release the security interest on the repaid portion while keeping the remaining collateral secured. 4. Termination Addendum: When the underlying debt is fully satisfied, the creditor can file a termination addendum to release the security interest entirely. This document serves as proof that the debtor has fulfilled their obligations, and it removes the creditor's claim on the collateral. The Yonkers New York UCC1 Financing Statement Addendum plays a vital role in protecting the rights of both creditors and debtors in secured transactions. It ensures accurate and up-to-date information regarding the collateral, priority of claims, and other relevant details. Properly filing the appropriate addendum is crucial for maintaining legal compliance and preventing disputes in the future.