Franklin Ohio UCC1-AD Financing Statement Addendum

• Category: Contracts - Uniform Commercial Code - Financing Statements
• State: Multi-State
• County: Franklin
• Control #: US-UCC1-AD
• Format: Word; PDF

Description

This form is a UCC Financing Statement Addendum for use in documenting personal property used as collateral for a loan. Available in Word and Adobe pdf format. Franklin Ohio UCC1-AD Financing Statement Addendum is a legal document that acts as an extension or amendment to the original UCC1 Financing Statement. The UCC1-AD addendum provides additional information or changes to the initial financing statement filed with the Ohio Secretary of State's office. This addendum is governed by the Uniform Commercial Code (UCC) laws in the state of Ohio. In Franklin, Ohio, UCC1-AD Financing Statement Addendum serves various purposes, such as: 1. Amendment: It allows a secured party to make necessary amendments or corrections to the original UCC1 Financing Statement. This may include correcting errors in debtor information, collateral description, or adding or removing collateral. 2. Continuation: UCC1-AD addendum also extends the effectiveness of the initial financing statement when the original filing is nearing its expiration. By filing this addendum, the secured party ensures their security interest remains valid and enforceable. 3. Termination: If a secured party no longer has an interest in the collateral, they may file a UCC1-AD addendum for termination, indicating the release of their security interest. This notifies potential creditors that the collateral is no longer encumbered. Different types of UCC1-AD Financing Statement Addendum may include: 1. Amended Collateral Description: This type of addendum is filed when there is a need to modify or provide additional details regarding the collateral being pledged in the original financing statement. It ensures accuracy and clarity in identifying the collateral. 2. Change of Debtor Information: If there are changes in the debtor's legal name, address, or any other crucial information, a UCC1-AD addendum is filed to reflect these modifications accurately. This is crucial to maintain accurate records and avoid any confusion. 3. Addition/Removal of Collateral: When a secured party wants to add or remove certain collateral from the initial financing statement, they must file a UCC1-AD addendum specifying the changes. This ensures that lenders and other interested parties are aware of the modified collateral associated with the security interest. 4. Continuation: A continuation addendum extends the duration of the initial financing statement beyond its expiration date. This ensures that the secured party's interest remains valid and enforceable as per the UCC regulations. It is important to consult legal professionals or the Ohio Secretary of State website to understand and comply with the specific requirements for filing a UCC1-AD Financing Statement Addendum in Franklin, Ohio. Accurately completing and filing this addendum is crucial for maintaining secure and enforceable security interests in collateral.

Franklin Ohio UCC1-AD Financing Statement Addendum is a legal document that acts as an extension or amendment to the original UCC1 Financing Statement. The UCC1-AD addendum provides additional information or changes to the initial financing statement filed with the Ohio Secretary of State's office. This addendum is governed by the Uniform Commercial Code (UCC) laws in the state of Ohio. In Franklin, Ohio, UCC1-AD Financing Statement Addendum serves various purposes, such as: 1. Amendment: It allows a secured party to make necessary amendments or corrections to the original UCC1 Financing Statement. This may include correcting errors in debtor information, collateral description, or adding or removing collateral. 2. Continuation: UCC1-AD addendum also extends the effectiveness of the initial financing statement when the original filing is nearing its expiration. By filing this addendum, the secured party ensures their security interest remains valid and enforceable. 3. Termination: If a secured party no longer has an interest in the collateral, they may file a UCC1-AD addendum for termination, indicating the release of their security interest. This notifies potential creditors that the collateral is no longer encumbered. Different types of UCC1-AD Financing Statement Addendum may include: 1. Amended Collateral Description: This type of addendum is filed when there is a need to modify or provide additional details regarding the collateral being pledged in the original financing statement. It ensures accuracy and clarity in identifying the collateral. 2. Change of Debtor Information: If there are changes in the debtor's legal name, address, or any other crucial information, a UCC1-AD addendum is filed to reflect these modifications accurately. This is crucial to maintain accurate records and avoid any confusion. 3. Addition/Removal of Collateral: When a secured party wants to add or remove certain collateral from the initial financing statement, they must file a UCC1-AD addendum specifying the changes. This ensures that lenders and other interested parties are aware of the modified collateral associated with the security interest. 4. Continuation: A continuation addendum extends the duration of the initial financing statement beyond its expiration date. This ensures that the secured party's interest remains valid and enforceable as per the UCC regulations. It is important to consult legal professionals or the Ohio Secretary of State website to understand and comply with the specific requirements for filing a UCC1-AD Financing Statement Addendum in Franklin, Ohio. Accurately completing and filing this addendum is crucial for maintaining secure and enforceable security interests in collateral.