This document is the "National UCC Financing Statement Addendum," and it is an American Lawyer Media form. It accompanies the UCC Financing Statement.
Wayne Michigan UCC Financing Statement Addendum is a legal document that serves as an attachment to the UCC Financing Statement. It contains additional information regarding the underlying financial transaction and provides extra details regarding the collateral involved. This addendum is governed by the Uniform Commercial Code (UCC) adopted in the state of Michigan. The purpose of the Wayne Michigan UCC Financing Statement Addendum is to provide clarity and specificity to the UCC Financing Statement, ensuring that all parties involved have a complete understanding of the terms and conditions of the financing arrangement. It is important to note that the UCC Financing Statement Addendum is not a standalone document and should always be filed together with the UCC Financing Statement. There are various types of Wayne Michigan UCC Financing Statement Addendum that can be used depending on the specific details of the transaction. Some common types include: 1. Collateral Description Addendum: This type of addendum provides a more detailed description of the collateral that is being used as security for the financing. It may include specifics such as serial numbers, identification marks, or any other relevant information that can accurately identify the collateral. 2. Amendments and Changes Addendum: In case there are any changes or modifications to the original UCC Financing Statement, this addendum allows parties to record those changes. It ensures that all parties are aware of any alterations made to the financing arrangement after the initial filing. 3. Continuation Addendum: When the original UCC Financing Statement is nearing its expiration date, a continuation addendum is filed to extend the validity of the statement. This addendum ensures that the secured party maintains its priority position on the collateral for an extended period. 4. Termination Addendum: Once the financing arrangement is fully satisfied or terminated, a termination addendum is filed to release the secured party's interest in the collateral. It serves as proof that the secured party no longer holds any rights or claims over the collateral. It is crucial to use the appropriate type of Wayne Michigan UCC Financing Statement Addendum to accurately reflect the details of the transaction and comply with the legal requirements. Properly completing and filing the addendum ensures that all parties involved are well-informed and protected in their interests.Wayne Michigan UCC Financing Statement Addendum is a legal document that serves as an attachment to the UCC Financing Statement. It contains additional information regarding the underlying financial transaction and provides extra details regarding the collateral involved. This addendum is governed by the Uniform Commercial Code (UCC) adopted in the state of Michigan. The purpose of the Wayne Michigan UCC Financing Statement Addendum is to provide clarity and specificity to the UCC Financing Statement, ensuring that all parties involved have a complete understanding of the terms and conditions of the financing arrangement. It is important to note that the UCC Financing Statement Addendum is not a standalone document and should always be filed together with the UCC Financing Statement. There are various types of Wayne Michigan UCC Financing Statement Addendum that can be used depending on the specific details of the transaction. Some common types include: 1. Collateral Description Addendum: This type of addendum provides a more detailed description of the collateral that is being used as security for the financing. It may include specifics such as serial numbers, identification marks, or any other relevant information that can accurately identify the collateral. 2. Amendments and Changes Addendum: In case there are any changes or modifications to the original UCC Financing Statement, this addendum allows parties to record those changes. It ensures that all parties are aware of any alterations made to the financing arrangement after the initial filing. 3. Continuation Addendum: When the original UCC Financing Statement is nearing its expiration date, a continuation addendum is filed to extend the validity of the statement. This addendum ensures that the secured party maintains its priority position on the collateral for an extended period. 4. Termination Addendum: Once the financing arrangement is fully satisfied or terminated, a termination addendum is filed to release the secured party's interest in the collateral. It serves as proof that the secured party no longer holds any rights or claims over the collateral. It is crucial to use the appropriate type of Wayne Michigan UCC Financing Statement Addendum to accurately reflect the details of the transaction and comply with the legal requirements. Properly completing and filing the addendum ensures that all parties involved are well-informed and protected in their interests.