North Dakota UCC1 Financing Statement Addendum
About this form
The North Dakota UCC1 Financing Statement Addendum is a legal document used to add additional debtors to a UCC-1 financing statement. This form is particularly useful for creditors who need to include multiple parties in securing a loan against specific collateral. Unlike the primary UCC-1 statement, this addendum focuses on expanding the scope of the original filing without starting a new record.
What’s included in this form
- Details for additional debtors, including whether the debtor is a trust or trustee.
- Checkboxes to indicate if the debtor is a transmitting utility or if the filing relates to a manufactured-home or public-finance transaction.
- Space to provide any additional information or compliance with state-specific requirements.
- Instructions for completing the addendum in relation to the original financing statement.
- Guidance on attaching further addendums if more debtors need to be included.
When to use this form
This form should be used when a creditor needs to update an existing UCC-1 financing statement to include additional debtors. Common scenarios include situations where the debtor structure has changed or when multiple parties are involved in a secured transaction. It is essential to file this addendum to maintain all parties' interests in the collateral.
Who this form is for
- Creditors seeking to secure a loan with additional debtors.
- Businesses or individuals involved in transactions requiring multiple parties to be listed.
- Trustees or estate representatives needing to clarify ownership of secured collateral.
- Legal professionals managing UCC filings on behalf of clients.
How to prepare this document
- Identify the original debtor's name, ensuring it matches exactly with the original UCC-1 statement.
- Mark the appropriate checkboxes indicating the type of debtor (e.g., trust, trustee, transmitting utility).
- Provide any required additional information or details specific to your state.
- If adding multiple debtors, ensure to fill out subsequent addendum forms as needed.
- Review the completed form for accuracy before submitting it to the filing office.
Notarization requirements for this form
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.
Typical mistakes to avoid
- Failing to match the original debtor's name exactly.
- Not checking the appropriate boxes for the type of debtor.
- Overlooking additional information that may be required by local laws.
- Neglecting to file any necessary accompanying addendum forms for multiple debtors.
Advantages of online completion
- Convenience of downloading and filling the form from anywhere at any time.
- Editability allows for quick revisions to ensure all information is correct.
- Access to standardized, attorney-drafted forms that comply with legal requirements.
- Fast filing process, reducing delays in updating secured transactions.
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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.
