Financing Statement Additional Party form for adding additional Debtors or Secured Parties to Financing Statements (Form UCC1) filed with the New York filing office.
Bronx, New York UCC1 Financing Statement Additional Party refers to an essential legal document that is part of the Uniform Commercial Code (UCC). A UCC1 financing statement is typically filed by a creditor or lender to establish their security interest in collateral granted by a debtor or borrower. This statement acts as a public record of a secured transaction, providing crucial information to potential lenders about existing claims on the collateral. Keywords: Bronx, New York, UCC1, financing statement, additional party, collateral, creditor, lender, debtor, borrower, secured transaction. The Bronx, being one of the boroughs of New York City, operates within the legal framework established by the state of New York, including the UCC regulations. In certain cases, multiple parties or entities may have an interest in the collateral, and their roles can be recognized through an additional party designation in the UCC1 financing statement. Different types of Bronx New York UCC1 Financing Statement Additional Party may include: 1. Co-Secured Party: In situations where multiple creditors or lenders have a joint interest in the collateral, they may be listed as co-secured parties in the UCC1 financing statement. 2. Guarantors or Guaranty Parties: Sometimes, a third-party individual or entity guarantees the repayment of the debtor's obligations in case of default. These guarantors may also be included as additional parties in the financing statement. 3. Assignees: If the original creditor or lender transfers their interest in the secured transaction to another entity, the assignee may be designated as an additional party in the UCC1 financing statement. 4. Subordinated Party: When a creditor or lender agrees to subordinate their claim on the collateral to another party, they can be identified as a subordinated party in the financing statement. This arrangement establishes a hierarchy of priorities in the event of default or bankruptcy. It is important to mention that the specific types of additional parties in a Bronx New York UCC1 Financing Statement may vary depending on the unique circumstances of the secured transaction. This information provides a general overview of the concept, but seeking legal advice and referencing the laws and regulations applicable in New York is necessary for accurate and up-to-date information.
