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.
Franklin Ohio UCC1 Financing Statement Addendum is a legal document that is used to provide additional details or amend an existing UCC1 Financing Statement in Franklin, Ohio. This addendum is a crucial component of securing and protecting a creditor's interest in collateral pledged by a debtor in commercial transactions. Keywords: Franklin Ohio UCC1 Financing Statement Addendum, legal document, additional details, amend, UCC1 Financing Statement, Franklin, Ohio, creditor's interest, collateral, debtor, commercial transactions. Different Types of Franklin Ohio UCC1 Financing Statement Addendum: 1. Information Correction Addendum: This type of addendum is used when there is a need to correct or modify specific information mentioned in the original UCC1 Financing Statement. It may include correcting mistakes in debtor's or secured party's names, addresses, or description of collateral. 2. Collateral Amendment Addendum: This addendum is utilized when there is a need to add or remove collateral from the original UCC1 Financing Statement. It ensures that the collateral listed accurately represents the assets pledged as security for a loan or credit transaction. 3. Priority Change Addendum: In situations where there is a change in priority or hierarchy among multiple secured parties, this addendum is filed to reflect the revised order of priority. It is important to update the UCC1 Financing Statement to protect a creditor's priority position and rights relating to the collateral. 4. Termination Addendum: This type of addendum is filed when a loan or credit transaction is fully repaid, or when the debtor's obligation to the secured party is otherwise terminated. It officially declares the end of the creditor's interest in the collateral, releases any liens or claims, and effectively terminates the UCC1 Financing Statement. 5. Continuation Addendum: A continuation addendum is filed to extend the effectiveness of a UCC1 Financing Statement, which may expire after a certain period (usually five years). By filing this addendum, the secured party ensures that their security interest remains perfected and enforceable for an extended period. Overall, the Franklin Ohio UCC1 Financing Statement Addendum is an essential legal instrument used to modify or enhance the accuracy, scope, or duration of a UCC1 Financing Statement in Franklin, Ohio. It provides flexibility for parties involved in commercial transactions, allowing them to protect their interests and comply with legal requirements.Franklin Ohio UCC1 Financing Statement Addendum is a legal document that is used to provide additional details or amend an existing UCC1 Financing Statement in Franklin, Ohio. This addendum is a crucial component of securing and protecting a creditor's interest in collateral pledged by a debtor in commercial transactions. Keywords: Franklin Ohio UCC1 Financing Statement Addendum, legal document, additional details, amend, UCC1 Financing Statement, Franklin, Ohio, creditor's interest, collateral, debtor, commercial transactions. Different Types of Franklin Ohio UCC1 Financing Statement Addendum: 1. Information Correction Addendum: This type of addendum is used when there is a need to correct or modify specific information mentioned in the original UCC1 Financing Statement. It may include correcting mistakes in debtor's or secured party's names, addresses, or description of collateral. 2. Collateral Amendment Addendum: This addendum is utilized when there is a need to add or remove collateral from the original UCC1 Financing Statement. It ensures that the collateral listed accurately represents the assets pledged as security for a loan or credit transaction. 3. Priority Change Addendum: In situations where there is a change in priority or hierarchy among multiple secured parties, this addendum is filed to reflect the revised order of priority. It is important to update the UCC1 Financing Statement to protect a creditor's priority position and rights relating to the collateral. 4. Termination Addendum: This type of addendum is filed when a loan or credit transaction is fully repaid, or when the debtor's obligation to the secured party is otherwise terminated. It officially declares the end of the creditor's interest in the collateral, releases any liens or claims, and effectively terminates the UCC1 Financing Statement. 5. Continuation Addendum: A continuation addendum is filed to extend the effectiveness of a UCC1 Financing Statement, which may expire after a certain period (usually five years). By filing this addendum, the secured party ensures that their security interest remains perfected and enforceable for an extended period. Overall, the Franklin Ohio UCC1 Financing Statement Addendum is an essential legal instrument used to modify or enhance the accuracy, scope, or duration of a UCC1 Financing Statement in Franklin, Ohio. It provides flexibility for parties involved in commercial transactions, allowing them to protect their interests and comply with legal requirements.
