UCC1 - Financing Statement Addendum - Texas - 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 Amarillo Texas UCC1 Financing Statement Addendum is a legal document that serves as an attachment to the UCC1 Financing Statement. It provides additional information and details regarding the secured party, debtor, collateral, and other pertinent information related to the financing statement filing. The primary purpose of the Amarillo Texas UCC1 Financing Statement Addendum is to provide more comprehensive and specific information about the transaction, ensuring that all involved parties have a clear understanding of the terms and conditions of the financing arrangement. There are different types of Amarillo Texas UCC1 Financing Statement Addendum, including: 1. Amendment Addendum: This addendum is used to make changes or amendments to the original UCC1 Financing Statement. It can be filed to correct errors, update information, or modify terms of the initial filing. 2. Continuation Addendum: When the original UCC1 Financing Statement is set to expire (typically after five years), the secured party can file a continuation addendum to extend the validity of the filing. This ensures that the lien on the collateral remains intact. 3. Termination Addendum: Once the debt is fully paid or the financing arrangement has been terminated, the secured party can file a termination addendum. This document removes the UCC1 Financing Statement from public record, releasing any claims on the collateral. 4. Assignment Addendum: In case the secured party assigns their interest in the collateral to another party, an assignment addendum can be filed. This document transfers the rights and responsibilities of the secured party to the assignee. It is essential to note that the Amarillo Texas UCC1 Financing Statement Addendum must be filed with the appropriate local authority, often the County Clerk's office, in order to be legally recognized and enforceable. Properly completing the addendum with accurate and detailed information is crucial to avoid any discrepancies or confusion regarding the secured party's interests and the collateral involved.The Amarillo Texas UCC1 Financing Statement Addendum is a legal document that serves as an attachment to the UCC1 Financing Statement. It provides additional information and details regarding the secured party, debtor, collateral, and other pertinent information related to the financing statement filing. The primary purpose of the Amarillo Texas UCC1 Financing Statement Addendum is to provide more comprehensive and specific information about the transaction, ensuring that all involved parties have a clear understanding of the terms and conditions of the financing arrangement. There are different types of Amarillo Texas UCC1 Financing Statement Addendum, including: 1. Amendment Addendum: This addendum is used to make changes or amendments to the original UCC1 Financing Statement. It can be filed to correct errors, update information, or modify terms of the initial filing. 2. Continuation Addendum: When the original UCC1 Financing Statement is set to expire (typically after five years), the secured party can file a continuation addendum to extend the validity of the filing. This ensures that the lien on the collateral remains intact. 3. Termination Addendum: Once the debt is fully paid or the financing arrangement has been terminated, the secured party can file a termination addendum. This document removes the UCC1 Financing Statement from public record, releasing any claims on the collateral. 4. Assignment Addendum: In case the secured party assigns their interest in the collateral to another party, an assignment addendum can be filed. This document transfers the rights and responsibilities of the secured party to the assignee. It is essential to note that the Amarillo Texas UCC1 Financing Statement Addendum must be filed with the appropriate local authority, often the County Clerk's office, in order to be legally recognized and enforceable. Properly completing the addendum with accurate and detailed information is crucial to avoid any discrepancies or confusion regarding the secured party's interests and the collateral involved.