UCC1 - Financing Statement Addendum - Tennessee - 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 Memphis Tennessee UCC1 Financing Statement Addendum is a legal document that supplements the information provided in a UCC1 Financing Statement. It is used to provide additional details and clarify specific aspects of the secured transaction. This addendum is a critical component of the Uniform Commercial Code (UCC) filing process, which establishes rules and regulations for commercial transactions in the United States. The Memphis Tennessee UCC1 Financing Statement Addendum contains various types, each serving different purposes. Some different types of addenda that can be filed include: 1. Debtor name addendum: This addendum is used when the debtor has a complex or lengthy legal name that requires additional clarification. It provides additional details such as the debtor's full legal name, variations, aliases, or any other information necessary to accurately identify the debtor. 2. Collateral description addendum: This type of addendum is filed when providing additional or detailed information about the collateral, going beyond what is listed in the original UCC1 Financing Statement. It includes specifics about the type of collateral, make, model, serial number, quantity, or any other relevant information that would help identify the collateral. 3. Amendment addendum: An amendment addendum is filed when changes need to be made to the original UCC1 Financing Statement or any previously filed addendum. It is used to update or correct information contained in the original filing. 4. Assignment addendum: When a secured party wants to transfer its interest in a secured transaction to another party, an assignment addendum is filed. This addendum outlines the details of the assignment, including the parties involved, the specific rights being transferred, and any associated conditions. 5. Continuation addendum: A continuation addendum is used when a secured party wants to extend the duration of its security interest beyond the initial expiration date. It ensures that the secured party's interest remains effective and properly recorded. These different types of Memphis Tennessee UCC1 Financing Statement Addendums ensure that all relevant information is adequately disclosed and recorded securely. Proper completion and filing of these addenda are crucial for establishing and maintaining a valid and enforceable security interest in a secured transaction under the UCC.
