A Rhode Island UCC Financing Statement Additional Party (also known as an Additional Debtor) is an individual or entity that is listed on a Rhode Island UCC Financing Statement as a debtor or debtor representative, in addition to the original debtor who is the primary debtor. This additional party is subject to the UCC lien created by the original debtor, and is legally liable for any debts or obligations associated with the financing statement. Examples of additional parties include guarantors, sureties, and co-signers. There are two types of Rhode Island UCC Financing Statement Additional Party: 1) a natural person, such as an individual or a sole proprietorship; and 2) an organization, such as a corporation, limited liability company, or partnership.
Rhode Island UCC Financing Statement Additional Party
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How to fill out Rhode Island UCC Financing Statement Additional Party?
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FAQ
Assignment When a secured party needs to assign or transfer all or a portion of its rights to the collateral listed in a UCC-1 financing statement. It is considered an alteration of the previous filing.
A UCC 3 Subordination is a form used when more than one lender has an interest in the same collateral. In this situation, a subordination agreement should be signed in order to establish the order in which the lenders will be refunded the money.
Assignment When a secured party needs to assign or transfer all or a portion of its rights to the collateral listed in a UCC-1 financing statement. It is considered an alteration of the previous filing.
To do so you will generally need to make a trip in person down to your secretary of state's office. Once there, you will be able to swear under oath that you've satisfied the debt in full and wish to request for the UCC-1 filing to be removed.
Now, for example, let's say you want to take a second mortgage with Bank#2. Bank#2 will search the Secretary of State records and find that Bank#1 has already lent you money. Bank#2 will not get its money back until Bank#1 has been paid in full so its interest is referred to as "subordinated".
To put it in simple terms, the secured party is the creditor on the UCC loan. The creditor is the secured party because they have a financial interest in the collateral which the lien is on.
A Subordination Agreement is a legal document that confirms that a debt is higher in rank (takes precedence) over another debt. This means that, if the debt is unpaid and the assets of the debtor are sold to paid the debt, the debt with a higher priority is paid first.
How to complete a UCC1 (Step by Step) 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.