Wayne Michigan UCC3-AD Financing Statement Amendment Addendum

• Category: Contracts - Uniform Commercial Code - Financing Statements
• State: Multi-State
• County: Wayne
• 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 Wayne Michigan UCC3-AD Financing Statement Amendment Addendum — Revised 7-29-98 is a legally significant document that plays a crucial role in the financial domain. This addendum acts as an amendment to an existing UCC3-AD Financing Statement for transactions that took place in Wayne, Michigan. It encapsulates various clauses and provisions that need to be adjusted or updated. The UCC3-AD Financing Statement Amendment Addendum — Revised 7-29-98 serves as a supplement to the original financing statement, providing additional information, corrections, or necessary changes to ensure accuracy and compliance with legal standards. The revised version was introduced on July 29, 1998, indicating the specific edition that should be used. The purpose of this addendum is to create a comprehensive and up-to-date record of the financing statement, ensuring that all relevant parties involved in the transaction are aware of any modifications or updates made. It helps prevent confusion, disputes, or potential legal issues by maintaining an accurate representation of the financing statement. Different types of Wayne Michigan UCC3-AD Financing Statement Amendment Addenda — Revised 7-29-98 may arise based on variations in the transaction details or particular circumstances. Some possible types could include: 1. Correction Addendum: This type of addendum is used to rectify any typographical errors, incorrect information, or omissions found in the original UCC3-AD Financing Statement. It ensures that all statements align with the actual terms and conditions of the transaction. 2. Extension Addendum: This addendum extends the duration of the original financing statement, allowing the secured party to maintain the rights and security interests beyond the initial expiration date. It is crucial for protecting the secured party's position and ensuring continuous security over the associated assets. 3. Amendment Addendum: This addendum is used when there are substantial changes to the initial financing statement, such as modifications to the debtor's name, address, or collateral description. It ensures that all parties are informed about the updated terms and conditions. 4. Termination Addendum: This type of addendum is filed when the secured party no longer has an active interest in the collateral. It effectively terminates the financing statement, releasing any security interests previously held. By utilizing the Wayne Michigan UCC3-AD Financing Statement Amendment Addendum — Revised 7-29-98, the financial industry in Wayne, Michigan can ensure accurate and transparent documentation surrounding various financial transactions. It serves as a vital tool in safeguarding the interests of all parties involved and maintaining compliance with legal requirements.

The Wayne Michigan UCC3-AD Financing Statement Amendment Addendum — Revised 7-29-98 is a legally significant document that plays a crucial role in the financial domain. This addendum acts as an amendment to an existing UCC3-AD Financing Statement for transactions that took place in Wayne, Michigan. It encapsulates various clauses and provisions that need to be adjusted or updated. The UCC3-AD Financing Statement Amendment Addendum — Revised 7-29-98 serves as a supplement to the original financing statement, providing additional information, corrections, or necessary changes to ensure accuracy and compliance with legal standards. The revised version was introduced on July 29, 1998, indicating the specific edition that should be used. The purpose of this addendum is to create a comprehensive and up-to-date record of the financing statement, ensuring that all relevant parties involved in the transaction are aware of any modifications or updates made. It helps prevent confusion, disputes, or potential legal issues by maintaining an accurate representation of the financing statement. Different types of Wayne Michigan UCC3-AD Financing Statement Amendment Addenda — Revised 7-29-98 may arise based on variations in the transaction details or particular circumstances. Some possible types could include: 1. Correction Addendum: This type of addendum is used to rectify any typographical errors, incorrect information, or omissions found in the original UCC3-AD Financing Statement. It ensures that all statements align with the actual terms and conditions of the transaction. 2. Extension Addendum: This addendum extends the duration of the original financing statement, allowing the secured party to maintain the rights and security interests beyond the initial expiration date. It is crucial for protecting the secured party's position and ensuring continuous security over the associated assets. 3. Amendment Addendum: This addendum is used when there are substantial changes to the initial financing statement, such as modifications to the debtor's name, address, or collateral description. It ensures that all parties are informed about the updated terms and conditions. 4. Termination Addendum: This type of addendum is filed when the secured party no longer has an active interest in the collateral. It effectively terminates the financing statement, releasing any security interests previously held. By utilizing the Wayne Michigan UCC3-AD Financing Statement Amendment Addendum — Revised 7-29-98, the financial industry in Wayne, Michigan can ensure accurate and transparent documentation surrounding various financial transactions. It serves as a vital tool in safeguarding the interests of all parties involved and maintaining compliance with legal requirements.