Uniform Commercial Code File With Example
Description
How to fill out UCC1-AD Financing Statement Addendum?
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FAQ
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.
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.
"Address" means either (1) a street address, route number (may include box) or P.O. Box number plus the city, state and zip code, or (2) an address that purports to be a mailing address outside the United States of America. "Amendment" means a UCC record that amends the information contained in a financing statement.
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.
Ask the lender to terminate the lien upon payoff. A good rule of thumb is to request that your lender file a UCC-3 form with your secretary of state as soon as possible after you pay off your loan. The UCC-3 will terminate the lien on your company's assets (or assets) and remove the UCC-1 filing.