The South Carolina UCC-1ad Financing Statement Addendum is a document used to supplement a UCC-1 Financing Statement. It is used to provide additional information on the debtor and secured party, and to list any additional collateral being secured in the transaction. This document is filed with the South Carolina Secretary of State. The South Carolina UCC-1ad Financing Statement Addendum comes in two versions: Standard and Short Form. The Standard Form is used when the debtor or secured party is a corporation, partnership, or other organization, and when additional collateral is being listed. The Short Form is used when the debtor or secured party is an individual, or when no additional collateral is being listed. Both forms must be signed by the debtor and secured party.
South Carolina UCC-1ad Financing Statement Addendum
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How to fill out South Carolina UCC-1ad Financing Statement Addendum?
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FAQ
It's possible to avoid a UCC filing by taking out an unsecured business loan rather than a secured one. For example, many online and alternative lenders offer unsecured loans, and you can get an SBA 7(a) loan of up to $25,000 without collateral.
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.
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.
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 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.
How do I get rid of a UCC filing? You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.
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.