Gresham Oregon UCC1 Financing Statement Addendum

State:
Oregon
City:
Gresham
Control #:
OR-UCC1-A
Format:
PDF
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Description

UCC1 - Financing Statement Addendum - Oregon - 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.
Gresham Oregon UCC1 Financing Statement Addendum is an additional document that is commonly used to supplement information provided in the initial UCC1 financing statement in the state of Oregon. This addendum serves to provide further clarification or amendments to the original UCC1 statement. The UCC1 Financing Statement Addendum allows filers to include additional information that may not have been included or was missing from the initial statement. This addendum is crucial in ensuring that all relevant information related to debts, liens, or security interests are properly disclosed and recorded in accordance with the Uniform Commercial Code (UCC) guidelines. Some common types of Gresham Oregon UCC1 Financing Statement Addendum include: 1. Collateral Addition Addendum: This type of addendum is used when the filer wishes to include additional collateral or assets not specified in the original UCC1 statement. By submitting this addendum, the filer can expand the scope of the financing statement to cover newly acquired assets. 2. Collateral Removal Addendum: When there is a need to remove or release specific collateral from the original UCC1 statement, filers can utilize this addendum. It is essential to promptly file this addendum to update the public record and remove any liabilities associated with the released collateral. 3. Debtor Information Correction Addendum: In case there are errors or changes in the debtor's information, such as name, address, or other identifying details, this addendum can be filed to rectify and provide accurate debtor information. 4. Amendment Addendum: This type of addendum is used to make general amendments or modifications to the original UCC1 statement. It can include changes to terms, conditions, restrictions, or any other relevant details associated with the initial filing. By providing these different types of Gresham Oregon UCC1 Financing Statement Addendum, individuals and businesses can ensure that their UCC1 filings remain up-to-date, accurate, and compliant with state regulations. It is crucial to consult legal professionals or UCC authorities for specific guidance on filing requirements, deadlines, and any additional forms or documents that may be necessary for a successful addendum submission.

Gresham Oregon UCC1 Financing Statement Addendum is an additional document that is commonly used to supplement information provided in the initial UCC1 financing statement in the state of Oregon. This addendum serves to provide further clarification or amendments to the original UCC1 statement. The UCC1 Financing Statement Addendum allows filers to include additional information that may not have been included or was missing from the initial statement. This addendum is crucial in ensuring that all relevant information related to debts, liens, or security interests are properly disclosed and recorded in accordance with the Uniform Commercial Code (UCC) guidelines. Some common types of Gresham Oregon UCC1 Financing Statement Addendum include: 1. Collateral Addition Addendum: This type of addendum is used when the filer wishes to include additional collateral or assets not specified in the original UCC1 statement. By submitting this addendum, the filer can expand the scope of the financing statement to cover newly acquired assets. 2. Collateral Removal Addendum: When there is a need to remove or release specific collateral from the original UCC1 statement, filers can utilize this addendum. It is essential to promptly file this addendum to update the public record and remove any liabilities associated with the released collateral. 3. Debtor Information Correction Addendum: In case there are errors or changes in the debtor's information, such as name, address, or other identifying details, this addendum can be filed to rectify and provide accurate debtor information. 4. Amendment Addendum: This type of addendum is used to make general amendments or modifications to the original UCC1 statement. It can include changes to terms, conditions, restrictions, or any other relevant details associated with the initial filing. By providing these different types of Gresham Oregon UCC1 Financing Statement Addendum, individuals and businesses can ensure that their UCC1 filings remain up-to-date, accurate, and compliant with state regulations. It is crucial to consult legal professionals or UCC authorities for specific guidance on filing requirements, deadlines, and any additional forms or documents that may be necessary for a successful addendum submission.

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FAQ

A uniform commercial code (UCC) filing is a notice registered by a lender when a loan is taken out against a single asset or a group of assets. A UCC filing creates a lien against the collateral a borrower pledges for a business loan. The uniform commercial code is a set of rules governing commercial transactions.

How do I get rid of a UCC filing? You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.

Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address. (Recommended for return copy of the filing.)

The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.

A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.

Accordingly, UCC-1 filings are generally filed as soon as the loan is made.

The court noted that the California Commercial Code provides that a person may file a UCC-1 only if the debtor authorizes the filing by (1) authenticating a security agreement; (2) becoming bound as debtor by a security agreement; or (3) acquiring collateral in which a security interest is attached.

A fixture filing is a UCC financing statement with an addendum that is filed in the local jurisdiction where the real property is located and is then recorded in the real property records.

How Does a UCC Filing Affect My Credit? A UCC filing won't impact your business credit scores directly because it doesn't indicate anything about your ability to repay your debts. However, it can affect your ability to get credit again in the future.

1 filing is good for five years. After five years, it is considered lapsed and no longer valid. Should your debtor remain in debt to you and encounter financial difficulty or file for bankruptcy, you have no secured interest if your UCC1 filing has lapsed.

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Gresham Oregon UCC1 Financing Statement Addendum