Uniform Commercial Code Agreement Form 1
Description
How to fill out UCC1-AD Financing Statement Addendum?
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FAQ
If you have not filed a UCC-1, then you are considered unsecured, and as such, you are placed in the ?back of the line,? behind the secured creditors. Secured creditors are taken care of first in the division of assets.
DO: Always use the Debtor's exact Legal Name and Address. The debtor's name should match what is listed on their legal license along with the correct address, or on the most recently filed corporate documents. Include the Lender's Name and Address. Provide a description of the collateral.
Uniform Commercial Code Publications/Forms Form NumberForm NameFeeUCC 1UCC Financing Statement$20UCC 1ADUCC Financing Statement AddendumUCC 1APUCC Financing Statement Additional PartyUCC 3UCC Financing Statement Amendment (UCC Terminations are free)$206 more rows
Example of a UCC-1 Statement Bank XYZ is interested in offering Alex a loan, and as part of the contract, it files a UCC-1. Shortly afterward, Alex's Excavation loses one of its biggest construction contracts, and then another, and the company is forced to file for bankruptcy.
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. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.