Oakland Michigan UCC Financing Statement Addendum

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Multi-State
County:
Oakland
Control #:
US-UCC1AD
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Description

This document is the "National UCC Financing Statement Addendum," and it is an American Lawyer Media form. It accompanies the UCC Financing Statement.


Oakland Michigan UCC Financing Statement Addendum is a legal document that provides supplemental information to the UCC Financing Statement filed in Oakland County, Michigan. This addendum is typically used to provide additional details about the creditor, debtor, or secured collateral. Keywords: Oakland Michigan, UCC Financing Statement Addendum, legal document, supplemental information, Oakland County, creditor, debtor, secured collateral. Types of Oakland Michigan UCC Financing Statement Addendum: 1. Debtor Information Addendum: This type of addendum includes any additional information regarding the debtor's details, such as full legal name, address, social security number, driver's license number, or any other identifying information relevant to the UCC filing. It ensures that all necessary information about the debtor is accurately included for legal purposes. 2. Creditor Information Addendum: The creditor information addendum contains additional details about the creditor, such as their legal name, address, contact information, and any other pertinent information required for the UCC Financing Statement. This helps provide accurate information about the creditor and ensures the document's reliability. 3. Collateral Description Addendum: This addendum is used to provide further details about the secured collateral. It may include a thorough description of the collateral, such as its nature, quantity, quality, serial numbers, or any other specific identifying information. This addendum ensures complete clarity regarding the collateral and prevents any ambiguity in the UCC Financing Statement. 4. Amendments and Continuation Addendum: In cases where changes or amendments need to be made to the existing UCC Financing Statement, an addendum is filed to reflect those modifications. This addendum includes detailed information about the changes made, ensuring that the UCC record remains accurate and up-to-date. It also allows for the continuation of the UCC Financing Statement beyond its original lapse period. 5. Termination Addendum: When a secured transaction has been fully satisfied or terminated, a termination addendum is filed to officially release the UCC Financing Statement from the public record. This addendum includes relevant information regarding the termination, such as the date of termination, parties involved, and any other necessary details. It is essential to accurately file the appropriate addendum for a UCC Financing Statement in Oakland County, Michigan, to ensure legal compliance and maintain the integrity of the UCC record.

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FAQ

A UCC3 is a change statement to a UCC1. It's an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It's a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.

If you need to remove a UCC filing form your credit report, ask the lender to file for its removal. In order to do this, they need to file a UCC-3 Financing Statement Amendment. You can also just wait it out. Depending on how long you have been with the lender, the filing may be removed within a few months.

1 should be filed with the secretary of state's office in the state where the debtor is incorporated or lives. 1 does not expire until the loan is paid in full, but in many jurisdictions including California, it must be renewed every five years.

To assign (1) some or all of Assignor's right to amend the identified financing statement, or (2) the Assignor's right to amend the identified financing statement with respect to some (but not all) of the collateral covered by the identified financing statement: Check box in item 3 and enter name of Assignee in item 7a

A UCC3 is a change statement to a UCC1. It's an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It's a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.

A UCC1 financing statement is effective for a period of five years. A record that is not continued before its lapse date will cease to be effective, costing the secured party their perfected status and perhaps their priority position to collect.

UCC-1 Financing Statements, commonly referred to as simply UCC-1 filings, are used by lenders to announce their rights to collateral or liens on secured loans. They're usually filed by lenders with the debtor's state's secretary of state office when a loan is first originated.

In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.

FILING OFFICE COPY UCC FINANCING STATEMENT ADDENDUM (FORM UCC1Ad) (REV. 05/22/02) Debtor is a TRANSMITTING UTILITY. Filed in connection with a Manufactured-Home Transaction effective 30 years. Filed in connection with a Public-Finance Transaction effective 30 years.

If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other person to secure payment and performance of an Account, such Grantor shall promptly assign such security interest to the Collateral Agent.

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Oakland Michigan UCC Financing Statement Addendum