Financing Statement Additional Party form for adding additional Debtors or Secured Parties to Financing Statements (Form UCC1) filed with the New York filing office.
The Kings New York UCC1 Financing Statement Additional Party refers to a legal document filed under the Uniform Commercial Code (UCC) in the state of New York. It is used to provide notice of a security interest in personal property to protect the rights of lenders and creditors. When a creditor or lender extends a loan or credit to a debtor, they may file a UCC1 Financing Statement with the Secretary of State's office. This document serves as a public record that notifies other creditors and interested parties about the creditor's security interest in the debtor's personal property. By doing so, the creditor establishes priority rights and safeguards their position in the event of default or bankruptcy. The Kings New York UCC1 Financing Statement Additional Party typically refers to an individual or entity that may have a secondary or subordinate interest in the debtor's collateral. This individual or entity can have a claim on the personal property, but their rights are generally lower in priority compared to the primary creditor. There can be different types of Kings New York UCC1 Financing Statement Additional Party, which may include: 1. Subordinate Lien holder: A party that holds a secondary or subordinate security interest in the debtor's property. They have a valid claim on the collateral, but their rights are ranked lower than the primary creditor. In case of default, they will be compensated only after the primary creditor's claim is satisfied. 2. Spouse or Joint Owner: If the debtor has a spouse or joint owner who has shared ownership rights over the property, they may be listed as an additional party in the UCC1 Financing Statement. Their consent or agreement may be required for any action taken by the primary creditor regarding the collateral. 3. Guarantor: In some cases, a third party may guarantee the debt or loan taken by the debtor. This third party can be listed as an additional party in the UCC1 Financing Statement. By doing so, the guarantor acknowledges their potential liability in case of default and allows the creditor to lay claim on their personal property as well. 4. Assignee: If the original creditor assigns their interest in the debtor's collateral to another party, the assignee may be listed as an additional party in the UCC1 Financing Statement. This ensures that the assignee has the same rights and priority in the collateral as the original creditor. It is important to note that the specific types of additional parties in the Kings New York UCC1 Financing Statement may vary depending on the circumstances of the loan or credit agreement. Each situation may require careful consideration and legal advice to determine the appropriate parties to be included in the filing.
