Financing Statement Additional Party form for adding additional Debtors or Secured Parties to Financing Statements (Form UCC1).
Houston Texas UCC1 Financing Statement Additional Party refers to a specific legal document filed in Houston, Texas, which is important in securing a claim against certain personal property. UCC1 stands for Uniform Commercial Code-1, which is a standardized form used across the United States to register security interests in various types of personal property. An Additional Party, in the context of a UCC1 Financing Statement, refers to a person or business entity other than the debtor who has an interest in the collateral or property being pledged as security. The addition of an additional party allows them to be notified and involved in any potential disputes or transactions related to the collateral. In Houston, Texas, there are different types of UCC1 Financing Statement Additional Parties that may be involved: 1. Secured Party: The Secured Party is the party who has a security interest in the collateral, typically a lender or creditor. When filing a UCC1 Financing Statement, the secured party is named and their interest is registered against the debtor's collateral. 2. Debtor: The Debtor is the party who owes an obligation or debt to the secured party and who grants a security interest in their property to secure that obligation. The debtor's information, such as name and address, is included in the UCC1 Financing Statement. 3. Additional Secured Party: In some cases, there may be multiple secured parties with a claim to the same collateral. Additional secured parties can be added to the UCC1 Financing Statement to protect their interests. 4. Assignee: An assignee is an additional party to whom a security interest has been assigned or transferred by the original secured party. The assignment may occur due to a merger, acquisition, or other contractual agreements. 5. Guarantor: A guarantor is an additional party who provides a guarantee or assurance for the debtor's obligations to the secured party. Their inclusion in the UCC1 Financing Statement ensures their involvement and notification in any proceedings related to the collateral. 6. Prior to Lien holder: If there are existing liens or security interests on the collateral, such as a prior loan or mortgage, the UCC1 Financing Statement may include the details of the prior lien holder as an additional party. In summary, a Houston Texas UCC1 Financing Statement Additional Party refers to any party other than the debtor who has an interest in the collateral or property being pledged as security. The various types of additional parties can include secured parties, debtors, additional secured parties, assignees, guarantors, and prior lien holders. Including these additional parties in the UCC1 Financing Statement ensures their involvement and protection of their interests in securing a claim against the personal property.Houston Texas UCC1 Financing Statement Additional Party refers to a specific legal document filed in Houston, Texas, which is important in securing a claim against certain personal property. UCC1 stands for Uniform Commercial Code-1, which is a standardized form used across the United States to register security interests in various types of personal property. An Additional Party, in the context of a UCC1 Financing Statement, refers to a person or business entity other than the debtor who has an interest in the collateral or property being pledged as security. The addition of an additional party allows them to be notified and involved in any potential disputes or transactions related to the collateral. In Houston, Texas, there are different types of UCC1 Financing Statement Additional Parties that may be involved: 1. Secured Party: The Secured Party is the party who has a security interest in the collateral, typically a lender or creditor. When filing a UCC1 Financing Statement, the secured party is named and their interest is registered against the debtor's collateral. 2. Debtor: The Debtor is the party who owes an obligation or debt to the secured party and who grants a security interest in their property to secure that obligation. The debtor's information, such as name and address, is included in the UCC1 Financing Statement. 3. Additional Secured Party: In some cases, there may be multiple secured parties with a claim to the same collateral. Additional secured parties can be added to the UCC1 Financing Statement to protect their interests. 4. Assignee: An assignee is an additional party to whom a security interest has been assigned or transferred by the original secured party. The assignment may occur due to a merger, acquisition, or other contractual agreements. 5. Guarantor: A guarantor is an additional party who provides a guarantee or assurance for the debtor's obligations to the secured party. Their inclusion in the UCC1 Financing Statement ensures their involvement and notification in any proceedings related to the collateral. 6. Prior to Lien holder: If there are existing liens or security interests on the collateral, such as a prior loan or mortgage, the UCC1 Financing Statement may include the details of the prior lien holder as an additional party. In summary, a Houston Texas UCC1 Financing Statement Additional Party refers to any party other than the debtor who has an interest in the collateral or property being pledged as security. The various types of additional parties can include secured parties, debtors, additional secured parties, assignees, guarantors, and prior lien holders. Including these additional parties in the UCC1 Financing Statement ensures their involvement and protection of their interests in securing a claim against the personal property.