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A UCC Cooperative Addendum is an additional document to a UCC-1 (Initial Financing Statement) which needs to be filled out when corrections have to be made to an UCC1 Cooperative.
In general, a UCC filing is not bad for your business ? it simply serves as an official notice to other creditors that your lender has a security interest in one or all of your assets. However, UCC filings can impact your business credit, risk your company's assets and/or hinder your ability to get future financing.
Typical collateral For example, if you take out a loan to buy new machinery, the lender might file a UCC-1 lien and claim that new machinery as collateral on the loan. You would, of course, work with your lender to designate what the collateral will be before you sign any documentation committing to the loan.
?UCC? stands for Uniform Commercial Code. The Uniform Commercial Code is a uniform law that governs commercial transactions, including sales of goods, secured transactions and negotiable instruments. The Uniform Commercial Code is a comprehensive set of statutes created to provide consistency among the states.
The Uniform Commercial Code allows a creditor to notify other creditors about a debtor's assets that are used as collateral for a secured transaction by filing a financing statement with particular filing offices.
NH QuickStart, is an online platform for business registration with the Corporation Division of the Secretary of State's Office.
The Secretary of State of New Hampshire is a constitutional officer in the U.S. state of New Hampshire and serves as the exclusive head of the New Hampshire Department of State.
UCC-3 party amendments: A UCC-3 amendment is a type of filing used to change or add critical information about the debtor or the secured party.