The Tarrant Texas UCC1-AD Financing Statement Addendum is a legal document used in the state of Texas to provide an additional description or amendment to a financing statement filed under the Uniform Commercial Code (UCC). This addendum serves to provide important details and clarify information about the secured transaction between the debtor and the secured party. In Tarrant County, Texas, the UCC1-AD Financing Statement Addendum includes various types depending on the specific purpose it serves. Some types of addendums commonly used in Tarrant County include: 1. Amendment Addendum: This addendum is used when there is a need to make changes to the original financing statement. It allows the secured party or debtor to correct any errors or provide updates to the information previously filed. 2. Collateral Description Addendum: When there is a need to provide a detailed description of the collateral involved in the secured transaction, this addendum is used. It helps ensure accuracy and clarity in defining the assets that are part of the agreement. 3. Termination Addendum: Used when the secured party wishes to terminate the financing statement, this addendum formally declares the termination of the security interest and releases the debtor from any further obligations. 4. Continuation Addendum: If the initial financing statement filed under the UCC is approaching its expiration date, the secured party may file a continuation addendum to extend the effectiveness of the original filing for an additional period of time. The Tarrant Texas UCC1-AD Financing Statement Addendum plays a significant role in protecting the rights and interests of both the debtor and the secured party. By providing accurate and up-to-date information about the secured transaction, it helps ensure transparency, enforceability, and legal compliance in business relationships.
Tarrant Texas UCC1-AD Financing Statement Addendum
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