Financing Statement Amendment Additional Party form for adding additional Debtors or Secured Parties to Financing Statement Amendment (Form UCC3) filed with the New York filing office.
Queens New York UCC3 Financing Statement Amendment Additional Party is a legal provision that allows for the inclusion of an extra party in the UCC3 Financing Statement Amendment for the county of Queens, New York. This provision is essential for parties involved in commercial transactions, such as lenders, creditors, and debtors, as it ensures accuracy and transparency in the financing process. The UCC3 Financing Statement Amendment is a document used to modify or correct an existing financing statement filed under the Uniform Commercial Code (UCC). It provides a simple and efficient method to amend any pertinent information related to the initial financing statement, including the addition of an additional party. There are several types of Queens New York UCC3 Financing Statement Amendment Additional Party that may be encountered, depending on the specific circumstances: 1. New Debtor Addition: This type of amendment allows for the inclusion of an additional debtor to an existing financing statement. It is typically used when there is a change in the debtor's name, ownership, or legal entity structure. By adding the new debtor's information, the financing statement remains accurate and up to date. 2. Creditor Modification: In some cases, a financing statement may require an additional party to be added as a creditor or for an existing creditor's information to be revised. This type of amendment ensures that all relevant parties are included and correctly identified, maintaining the accuracy of the financing statement. 3. Collateral Change: When there is a change in the collateral or its description, an additional party might need to be added to reflect the altered arrangements accurately. This amendment type ensures that the financing statement accurately represents the collateral securing the debt or obligation. 4. Debtor Termination: There could be instances where a debtor needs to be removed from a financing statement, potentially due to a debt being fully satisfied or transferred to a new party. This amendment type updates the financing statement by eliminating the relevant debtor, ensuring its accuracy. The Queens New York UCC3 Financing Statement Amendment Additional Party provision plays a crucial role in maintaining the integrity of financing statements, as it allows for the inclusion or exclusion of pertinent parties. This provision ensures that all parties involved in a commercial transaction are accurately reflected in the financing statement, protecting the interests of lenders, creditors, and debtors alike.
