Get the free UCC Financing Statement Addendum (UCC1Ad) - State of Michigan - mich

UCC FINANCING STATEMENT ADDENDUM FOLLOW INSTRUCTIONS 9. NAME OF FIRST DEBTOR: Same as line 1a or 1b on Financing Statement; if line 1b was left blank because Individual Debtor name did not fit, check

How to fill out ucc financing statement addendum

How to fill out UCC financing statement addendum:

1. Start by obtaining the necessary form: The UCC financing statement addendum form can usually be found on the website of your state's Secretary of State or equivalent agency. Download or print the form to begin the process.
2. Fill in the debtor's information: Begin by providing the debtor's name and address. Ensure accuracy by using the exact legal name of the debtor as it appears on their official documents.
3. Include the secured party's information: Enter the name and address of the secured party or parties. This could be a lender or any party with a financial interest in the transaction.
4. Specify the original financing statement: In this section, indicate the file number and the date of the original financing statement to which the addendum relates. This will help establish a connection between the addendum and the original filing.
5. Describe the collateral: Provide a detailed description of the collateral being claimed in the financing statement addendum. This section should accurately identify the assets or property being used as collateral for the transaction.
6. Verify the debtor's authorization: The debtor or an authorized representative should sign and date the UCC financing statement addendum to confirm their consent to the inclusion of the additional information.
7. Submit the form: Once the addendum is completed, follow the instructions on the form to submit it to the appropriate agency. This may involve mailing the form, submitting it online, or delivering it in person, depending on the requirements of your jurisdiction.

Who needs UCC financing statement addendum:

1. Lenders and financial institutions: Lenders who have financed a transaction and want to include additional information or modifications to the original financing statement may need to file a UCC financing statement addendum.
2. Debtors with changes in collateral or obligations: If a debtor has made changes to the collateral pledged as security for a loan, or if there have been alterations to the terms of the financing agreement, a UCC financing statement addendum may be necessary.
3. Parties involved in complex transactions: In certain complex transactions involving multiple parties or evolving obligations, a UCC financing statement addendum may be used to clarify or update information related to the secured party, collateral, or other pertinent details of the transaction.

It is recommended to consult with legal professionals or experts in UCC filings to ensure compliance and accuracy when completing a UCC financing statement addendum.

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