The Oregon UCC-1Ad Financing Statement Addendum is a form used to supplement a UCC-1 Financing Statement in the state of Oregon, and is used to show any changes to the original financing statement. It is typically used to add additional sections to the original document, such as additional collateral, an amendment to the original terms, or the addition of a secured party. The Oregon UCC-1Ad Financing Statement Addendum must be completed and signed by the secured party, and must be filed with the Secretary of State. There are two types of Oregon UCC-1Ad Financing Statement Addendums: the Standard Addendum and the Custom Addendum. The Standard Addendum is used to add additional sections to the original financing statement, while the Custom Addendum is used to amend the original terms of the financing statement.
Oregon UCC-1Ad Financing Statement Addendum
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How to fill out Oregon UCC-1Ad Financing Statement Addendum?
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FAQ
In these situations, you can file a UCC-3 termination yourself with your secretary of state. You must swear under oath that you've satisfied the debt in full and complete the UCC termination form.
A UCC filing won't impact your business credit scores directly because it doesn't indicate anything about your ability to repay your debts. However, it can affect your ability to get credit again in the future.
A UCC Cooperative Addendum is an additional document to a UCC-1 (Initial Financing Statement) which needs to be filled out when corrections have to be made to an UCC1 Cooperative.
Generally, the debtor must first make a formal (or authenticated) demand to the secured party of record to terminate the UCC-1. This process involves sending a signed written request to the secured party of record demanding for said party to file a UCC-3 termination statement.
When is a UCC-1 filed? UCC-1 filings typically happen when a loan is first originated. If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower's assets. This motivates lenders to file a UCC-1 as soon as a loan is made.
In fact, it is sometimes called a UCC financing statement. 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.
A security agreement creates the security interest, making it enforceable between the secured party and the debtor. A UCC-1 financing statement neither creates a security interest nor does it alter its scope; it only gives notice of the security interest to third parties.
When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.