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.
Plano Texas UCC1 Financing Statement Addendum is a legal document that provides additional details and amendments to the original UCC1 Financing Statement filed in Plano, Texas. This addendum is used to update, extend, or correct the information recorded in the initial financing statement, ensuring accuracy and completeness of the public records. UCC1 Financing Statement Addendum is crucial for securing lenders' rights and interests in personal property collateral. It serves as a means to provide relevant information about the debtor, secured party, and the collateral itself as required by the Uniform Commercial Code (UCC). Key elements included in a Plano Texas UCC1 Financing Statement Addendum may consist of the following: 1. Debtor Information: This section includes the legal name and address of the debtor, ensuring that the records accurately identify the individual or business responsible for the debt. 2. Secured Party Information: The addendum outlines the name and contact details of the secured party whose interest is being secured by the collateral. This information aids in maintaining communication and facilitating potential disputes or claims. 3. Collateral Description: A detailed description of the personal property collateral is provided in this section. It includes any relevant information that helps identify and define the assets, such as make, model, serial number, quantity, and any other unique features. 4. Amendments and Continuations: Any amendments or changes made to the original UCC1 Financing Statement are documented in the addendum. This ensures that any modifications to the collateral or the security interest are legally recorded. 5. Termination or Release Information: In cases where the secured party's interest in the collateral is terminated or released, the addendum provides the necessary details. This enables interested parties to know when a particular security interest is no longer valid. Different types of Plano Texas UCC1 Financing Statement Addendums may include: 1. Amendment Addendum: This type of addendum is used when there are changes, corrections, or updates to the original financing statement. It ensures that the public records accurately reflect the latest information regarding the debtor, secured party, or collateral. 2. Continuation Addendum: When the initial financing statement filed has a lapse period nearing expiration, a continuation addendum is prepared. This extends the duration of the UCC1 filing, preventing potential loss of the secured party's interest. 3. Termination Addendum: If the secured party's interest in the collateral is no longer valid, a termination addendum is filed. It serves to officially release the security interest, removing it from the public records. It is essential to consult with a qualified attorney or financial professional to ensure compliance with Plano, Texas, and UCC regulations when preparing a UCC1 Financing Statement Addendum. Adhering to accurate and comprehensive documentation helps protect the rights and interests of all parties involved in the secured transaction.Plano Texas UCC1 Financing Statement Addendum is a legal document that provides additional details and amendments to the original UCC1 Financing Statement filed in Plano, Texas. This addendum is used to update, extend, or correct the information recorded in the initial financing statement, ensuring accuracy and completeness of the public records. UCC1 Financing Statement Addendum is crucial for securing lenders' rights and interests in personal property collateral. It serves as a means to provide relevant information about the debtor, secured party, and the collateral itself as required by the Uniform Commercial Code (UCC). Key elements included in a Plano Texas UCC1 Financing Statement Addendum may consist of the following: 1. Debtor Information: This section includes the legal name and address of the debtor, ensuring that the records accurately identify the individual or business responsible for the debt. 2. Secured Party Information: The addendum outlines the name and contact details of the secured party whose interest is being secured by the collateral. This information aids in maintaining communication and facilitating potential disputes or claims. 3. Collateral Description: A detailed description of the personal property collateral is provided in this section. It includes any relevant information that helps identify and define the assets, such as make, model, serial number, quantity, and any other unique features. 4. Amendments and Continuations: Any amendments or changes made to the original UCC1 Financing Statement are documented in the addendum. This ensures that any modifications to the collateral or the security interest are legally recorded. 5. Termination or Release Information: In cases where the secured party's interest in the collateral is terminated or released, the addendum provides the necessary details. This enables interested parties to know when a particular security interest is no longer valid. Different types of Plano Texas UCC1 Financing Statement Addendums may include: 1. Amendment Addendum: This type of addendum is used when there are changes, corrections, or updates to the original financing statement. It ensures that the public records accurately reflect the latest information regarding the debtor, secured party, or collateral. 2. Continuation Addendum: When the initial financing statement filed has a lapse period nearing expiration, a continuation addendum is prepared. This extends the duration of the UCC1 filing, preventing potential loss of the secured party's interest. 3. Termination Addendum: If the secured party's interest in the collateral is no longer valid, a termination addendum is filed. It serves to officially release the security interest, removing it from the public records. It is essential to consult with a qualified attorney or financial professional to ensure compliance with Plano, Texas, and UCC regulations when preparing a UCC1 Financing Statement Addendum. Adhering to accurate and comprehensive documentation helps protect the rights and interests of all parties involved in the secured transaction.