Financing Statement Additional Party form for adding additional Debtors or Secured Parties to Financing Statements (Form UCC1) filed with the Arkansas filing office.
Arkansas UCC1 Financing Statement Additional Party
State:
Arkansas
Control #:
AR-UCC1-AP
Format:
PDF
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FAQ
Filer Information. Name and phone number of contact at filer. Email contact at filer. Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.
Defined in the UCC as: A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding.
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed.
The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.
Section 9-503 of the UCC provides various, more specific rules regarding the sufficiency of a debtor's name on a financing statement.However, unlike with a security agreement, on a financing statement it is acceptable to use a supergeneric description of collateral.
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.
It should be noted that UCC financing statements filed now generally do not contain a grant of the security interest and generally are not signed or otherwise authenticated by the Debtor and therefore would not satisfy the requirement of a security agreement.