Montgomery Maryland UCC1-AD Financing Statement Addendum

• Category: Contracts - Uniform Commercial Code - Financing Statements
• State: Multi-State
• County: Montgomery
• 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. Montgomery, Maryland UCC1-AD Financing Statement Addendum is a legal document that serves as an extension or addition to the original UCC1-AD Financing Statement. This addendum provides specific details that were not included or need to be revised in the initial filing, allowing for a more comprehensive and accurate representation of the secured transactions. The UCC1-AD Financing Statement Addendum in Montgomery, Maryland is an essential component of the Uniform Commercial Code (UCC) framework, ensuring proper recording and notification of security interests in personal property. It plays a vital role in facilitating secured transactions between creditors and debtors by establishing a public record of the collateral securing a loan or financing arrangement. Keywords: Montgomery, Maryland, UCC1-AD Financing Statement Addendum, legal document, extension, addition, UCC1-AD Financing Statement, secured transactions, personal property, Uniform Commercial Code (UCC), recording, notification, security interests, collateral, loan, financing arrangement. Different types or variations of the Montgomery, Maryland UCC1-AD Financing Statement Addendum may include: 1. Amendment Addendum: This type of addendum is used when there is a need to modify or amend the information provided in the original UCC1-AD Financing Statement. It allows for changes such as updating debtor's information, adding or removing collateral, or adjusting the terms of the loan or financing agreement. 2. Continuation Addendum: When the initial UCC1-AD Financing Statement is set to expire, the continuation addendum is utilized to extend the filing's effectiveness. This addendum ensures that the security interest remains valid, preventing the loss of priority against other creditors. 3. Assignment Addendum: In cases where the creditor assigns their security interest to another party, the assignment addendum is used. It reflects the transfer of the security interest to a new secured party, including their details and any necessary amendments to the original filing. 4. Termination Addendum: When the secured debt is completely paid off, released, or no longer in effect, the termination addendum is filed to serve as a notice that the UCC1-AD Financing Statement should be removed from public records. This addendum terminates the security interest and releases the collateral from any further obligations. These various types of addendums offer flexibility and record accuracy, ensuring that the UCC1-AD Financing Statement remains up to date and reflects the most current information related to secured transactions in Montgomery, Maryland.

Montgomery, Maryland UCC1-AD Financing Statement Addendum is a legal document that serves as an extension or addition to the original UCC1-AD Financing Statement. This addendum provides specific details that were not included or need to be revised in the initial filing, allowing for a more comprehensive and accurate representation of the secured transactions. The UCC1-AD Financing Statement Addendum in Montgomery, Maryland is an essential component of the Uniform Commercial Code (UCC) framework, ensuring proper recording and notification of security interests in personal property. It plays a vital role in facilitating secured transactions between creditors and debtors by establishing a public record of the collateral securing a loan or financing arrangement. Keywords: Montgomery, Maryland, UCC1-AD Financing Statement Addendum, legal document, extension, addition, UCC1-AD Financing Statement, secured transactions, personal property, Uniform Commercial Code (UCC), recording, notification, security interests, collateral, loan, financing arrangement. Different types or variations of the Montgomery, Maryland UCC1-AD Financing Statement Addendum may include: 1. Amendment Addendum: This type of addendum is used when there is a need to modify or amend the information provided in the original UCC1-AD Financing Statement. It allows for changes such as updating debtor's information, adding or removing collateral, or adjusting the terms of the loan or financing agreement. 2. Continuation Addendum: When the initial UCC1-AD Financing Statement is set to expire, the continuation addendum is utilized to extend the filing's effectiveness. This addendum ensures that the security interest remains valid, preventing the loss of priority against other creditors. 3. Assignment Addendum: In cases where the creditor assigns their security interest to another party, the assignment addendum is used. It reflects the transfer of the security interest to a new secured party, including their details and any necessary amendments to the original filing. 4. Termination Addendum: When the secured debt is completely paid off, released, or no longer in effect, the termination addendum is filed to serve as a notice that the UCC1-AD Financing Statement should be removed from public records. This addendum terminates the security interest and releases the collateral from any further obligations. These various types of addendums offer flexibility and record accuracy, ensuring that the UCC1-AD Financing Statement remains up to date and reflects the most current information related to secured transactions in Montgomery, Maryland.