UCC1 - Financing Statement Addendum - Ohio - 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 Akron Ohio UCC1 Financing Statement Addendum is a legal document that provides crucial information pertaining to a financing statement filed under the Uniform Commercial Code (UCC) guidelines. This addendum serves as an additional attachment to a UCC1 financing statement and contains specific details that support the original document. The purpose of an Akron Ohio UCC1 Financing Statement Addendum is to rectify or clarify information included in the initial financing statement. It is commonly used to include amendments, provide additional collateral descriptions, correct errors, or update the debtor's information. This addendum ensures accuracy and completeness of the financing statement, thereby maintaining transparency in financial transactions. There are several types of Akron Ohio UCC1 Financing Statement Addenda, each designed to address specific needs or circumstances: 1. Amendment Addendum: This type of addendum is used to modify or revise certain aspects of the original financing statement. It allows for changes such as altering debtor information, adding or removing collateral, or extending or terminating the duration of the filing. 2. Correction Addendum: If there are errors or mistakes in the original UCC1 financing statement, a correction addendum is filed to rectify those inaccuracies. It ensures that the necessary corrections are reflected accurately, preventing any confusion or ambiguity. 3. Collateral Description Addendum: In cases where the initial financing statement did not provide a detailed description of the collateral, a separate addendum is attached to specify the collateral in question. This helps avoid any potential disputes or misinterpretations regarding the assets pledged as security. 4. Termination Addendum: When a UCC1 financing statement is no longer valid, typically due to the loan being paid off or the collateral being sold, a termination addendum is filed. This addendum officially terminates the original financing statement, releasing any liens or claims against the collateral. Properly completing an Akron Ohio UCC1 Financing Statement Addendum is crucial for secured lenders, borrowers, and interested parties, as it ensures the accuracy of information related to the financing statement. It is recommended to consult legal professionals or experts in UCC regulations to ensure compliance with the specific requirements of Akron, Ohio.The Akron Ohio UCC1 Financing Statement Addendum is a legal document that provides crucial information pertaining to a financing statement filed under the Uniform Commercial Code (UCC) guidelines. This addendum serves as an additional attachment to a UCC1 financing statement and contains specific details that support the original document. The purpose of an Akron Ohio UCC1 Financing Statement Addendum is to rectify or clarify information included in the initial financing statement. It is commonly used to include amendments, provide additional collateral descriptions, correct errors, or update the debtor's information. This addendum ensures accuracy and completeness of the financing statement, thereby maintaining transparency in financial transactions. There are several types of Akron Ohio UCC1 Financing Statement Addenda, each designed to address specific needs or circumstances: 1. Amendment Addendum: This type of addendum is used to modify or revise certain aspects of the original financing statement. It allows for changes such as altering debtor information, adding or removing collateral, or extending or terminating the duration of the filing. 2. Correction Addendum: If there are errors or mistakes in the original UCC1 financing statement, a correction addendum is filed to rectify those inaccuracies. It ensures that the necessary corrections are reflected accurately, preventing any confusion or ambiguity. 3. Collateral Description Addendum: In cases where the initial financing statement did not provide a detailed description of the collateral, a separate addendum is attached to specify the collateral in question. This helps avoid any potential disputes or misinterpretations regarding the assets pledged as security. 4. Termination Addendum: When a UCC1 financing statement is no longer valid, typically due to the loan being paid off or the collateral being sold, a termination addendum is filed. This addendum officially terminates the original financing statement, releasing any liens or claims against the collateral. Properly completing an Akron Ohio UCC1 Financing Statement Addendum is crucial for secured lenders, borrowers, and interested parties, as it ensures the accuracy of information related to the financing statement. It is recommended to consult legal professionals or experts in UCC regulations to ensure compliance with the specific requirements of Akron, Ohio.
