Financing Statement Requirements
Description
How to fill out UCC1-AD Financing Statement Addendum?
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FAQ
Subsection (a) sets forth the simple formal requirements for an effective financing statement. These requirements are: (1) the debtor's name; (2) the name of a secured party or representative of the secured party; and (3) an indication of the collateral.
A qualified financing statement should include: Debtor and secured party's name, Collateral describing, and. A creditor or other person authorized by the debtor in their security agreement files it.
Fill in the debtor's name and mailing address. It may be an individual, or it may be in the name of a business or organization. If the loan is in the name of the business, include the business mailing address. There is space for additional debtors. Include them exactly as they appeared on the loan agreement.
The required filing most frequently is a financing statement. For a financing statement to be valid, it must include the debtor's name, the secured party's name or the name of the secured party's representative, a description of the property covered by the statement.
Essentially, a UCC-1 can be described as a financing statement. In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property.