Wake North Carolina UCC3-AD Financing Statement Amendment Addendum

• Category: Contracts - Uniform Commercial Code - Financing Statements
• State: Multi-State
• County: Wake
• Control #: US-UCC3-AD
• Format: Word; PDF

Description

This Uniform Commercial Code form, a UCC3-AD Financing Statement Amendment Addendum, is for use in the documentation of personal property as collateral for a loan, and related matters. The Wake North Carolina UCC3-AD Financing Statement Amendment Addendum — Revised 7-29-98 is an essential legal document used in Wake County for making changes to a UCC3-AD Financing Statement. This addendum serves as a supplement to the original financing statement, allowing individuals or businesses to modify or update certain information regarding secured transactions. The purpose of the Wake North Carolina UCC3-AD Financing Statement Amendment Addendum is to ensure accuracy and transparency in business transactions by reflecting any changes that may have occurred since the initial filing of the financing statement. This addendum offers a platform for recording amendments, including corrections, terminations, additions, or any other modifications to the existing financing statement. Several types of amendments can be made using the Wake North Carolina UCC3-AD Financing Statement Amendment Addendum. These include: 1. Correction Amendment: This type of amendment is utilized when there are errors or inaccuracies in the original financing statement. It allows the filer to rectify any mistakes in debtor information, secured party details, or collateral description. 2. Termination Amendment: When a secured party no longer has an interest in the collateral, this type of amendment is filed to terminate the financing statement. It removes the obligation to maintain the statement once the debt has been satisfied or the collateral has been released. 3. Addition Amendment: If additional collateral is added to an existing financing statement, an addendum is required to include the newly acquired assets. This ensures that the secured party's interest is properly documented. 4. Continuation Amendment: In situations where the original financing statement is nearing expiration, a continuation amendment may be filed to extend its duration. This amendment is crucial for maintaining the secured party's priority rights against competing claims. 5. Amendment of Secured Party: When there is a change in the secured party's identity or contact information, this type of amendment is utilized to update the financing statement accordingly. It ensures that all parties involved have the most up-to-date information. By utilizing the Wake North Carolina UCC3-AD Financing Statement Amendment Addendum — Revised 7-29-98, individuals and businesses can ensure compliance with legal regulations and maintain accurate records for all secured transactions. It is crucial to understand the specific type of amendment required and provide all relevant information while preparing and filing this addendum. Seeking legal advice or professional assistance is always recommended ensuring the accuracy and effectiveness of the amendment process.

The Wake North Carolina UCC3-AD Financing Statement Amendment Addendum — Revised 7-29-98 is an essential legal document used in Wake County for making changes to a UCC3-AD Financing Statement. This addendum serves as a supplement to the original financing statement, allowing individuals or businesses to modify or update certain information regarding secured transactions. The purpose of the Wake North Carolina UCC3-AD Financing Statement Amendment Addendum is to ensure accuracy and transparency in business transactions by reflecting any changes that may have occurred since the initial filing of the financing statement. This addendum offers a platform for recording amendments, including corrections, terminations, additions, or any other modifications to the existing financing statement. Several types of amendments can be made using the Wake North Carolina UCC3-AD Financing Statement Amendment Addendum. These include: 1. Correction Amendment: This type of amendment is utilized when there are errors or inaccuracies in the original financing statement. It allows the filer to rectify any mistakes in debtor information, secured party details, or collateral description. 2. Termination Amendment: When a secured party no longer has an interest in the collateral, this type of amendment is filed to terminate the financing statement. It removes the obligation to maintain the statement once the debt has been satisfied or the collateral has been released. 3. Addition Amendment: If additional collateral is added to an existing financing statement, an addendum is required to include the newly acquired assets. This ensures that the secured party's interest is properly documented. 4. Continuation Amendment: In situations where the original financing statement is nearing expiration, a continuation amendment may be filed to extend its duration. This amendment is crucial for maintaining the secured party's priority rights against competing claims. 5. Amendment of Secured Party: When there is a change in the secured party's identity or contact information, this type of amendment is utilized to update the financing statement accordingly. It ensures that all parties involved have the most up-to-date information. By utilizing the Wake North Carolina UCC3-AD Financing Statement Amendment Addendum — Revised 7-29-98, individuals and businesses can ensure compliance with legal regulations and maintain accurate records for all secured transactions. It is crucial to understand the specific type of amendment required and provide all relevant information while preparing and filing this addendum. Seeking legal advice or professional assistance is always recommended ensuring the accuracy and effectiveness of the amendment process.