North Dakota UCC1 Financing Statement Addendum
What is this form?
The North Dakota UCC1 Financing Statement Addendum is a legal document used to add an additional debtor to an existing UCC1 Financing Statement. This addendum is crucial for ensuring that all parties involved in collateral agreements are properly documented, thereby providing clarity and security to transactions. Unlike the main UCC1 form, this addendum focuses specifically on the inclusion of extra debtor information when necessary.
Form components explained
- Debtor identification options, including Trust, Trustee, or Decedentâs Estate.
- Checkboxes to indicate if the debtor is a transmitting utility or related to manufactured-home or public-finance transactions.
- Additional space for miscellaneous information or state-specific requirements.
- Instructions for adding more debtors, including reference to other UCC forms.
- Filing office copy section for official documentation and tracking.
When to use this document
This form should be used when you have an existing UCC1 Financing Statement and you need to add an additional debtor to ensure all relevant parties are included in the collateral agreement. It is particularly useful in situations involving trust property, public financing transactions, or when additional debtors arise after the original statement was filed.
Intended users of this form
- Business owners needing to add a debtor to a UCC1 Financing Statement.
- Trustees managing property held in trust.
- Individuals involved in public finance transactions related to property or equipment.
- Legal professionals assisting clients with secured transactions.
Steps to complete this form
- Identify the first debtorâs name as indicated in the original UCC1 Financing Statement.
- Select the appropriate box to indicate the type of debtor, if applicable.
- Provide any additional information required in the miscellaneous section.
- If adding multiple debtors, follow instructions to attach further addendum forms as necessary.
- Review all entries for accuracy before submission to the filing office.
Does this document require notarization?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to correctly identify the debtor as per the existing UCC1 Financing Statement.
- Not checking any relevant boxes for special debtor categories.
- Leaving the miscellaneous section blank when additional information is needed.
- Not attaching necessary addendums for multiple additional debtors.
Why complete this form online
- Convenient access to legal forms without needing to visit a physical location.
- Editable templates that allow you to customize the form for your needs.
- Reliability and accuracy, with forms drafted by licensed attorneys ensuring legal compliance.
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FAQ
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.
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.
Rules vary by State around releasing a UCC lien after a borrower satisfied the debt. Primarily there are two main ways to remove them. One way is by having the lender file a UCC-3 Financing Statement Amendment. Another way to remove a UCC filing is by swearing an oath of full payment at the secretary of state office.
If you're approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.
Also known as a UCC-3, and, depending on the context, a UCC-3 financing statement amendment, a UCC-3 termination statement, and a UCC-3 continuation statement. Under the Uniform Commercial Code, a UCC-3 is used to continue, assign, terminate, or amend an existing UCC-1 financing statement (UCC-1).
To assign (1) some or all of Assignor's right to amend the identified financing statement, or (2) the Assignor's right to amend the identified financing statement with respect to some (but not all) of the collateral covered by the identified financing statement: Check box in item 3 and enter name of Assignee in item 7a
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).
Form UCC3 is used to amend (make changes to) a UCC1 filing.However, it is important to note that for a UCC1 filing a termination is only an amendment and that the UCC1 filing may be amended further, even after a termination has been filed. Box 3 Continuation A UCC1 filing is good for five years.
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.
