Tennessee UCC1Ad: Financing Statement Addendum is a form used in the state of Tennessee for the filing of a UCC financing statement in addition to the UCC1 form. This form is used to provide additional information regarding the debtor and secured parties and the collateral being taken as security. There are two types of Tennessee UCC1Ad: Financing Statement Addendum forms: one for real property and one for personal property. The real property addendum is used to provide additional information about real estate that is being taken as collateral, such as the property address and a legal description. The personal property addendum is used to provide additional information about personal property that is being taken as collateral, such as the make, model, and serial number of the property. Both forms are used to supplement the UCC1 form and provide additional details about the collateral.
Tennessee UCC1Ad: Financing Statement Addendum
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How to fill out Tennessee UCC1Ad: Financing Statement Addendum?
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FAQ
1 financing statement is a legal form that a creditor files to give notice that it has the right to take possession of and sell certain assets belonging to the debtor for the repayment of a specific debt.?
An Example of a UCC Lien Filing If you secure equipment financing, the lender will file a UCC lien to state that if the debt for the espresso machine is not repaid, the lender has the right to repossess the espresso machine or seize other assets from your business.
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.
Print and Mail: Go to . Use the online tool to complete the filing. Print and mail the application along with the required filing fee to the Secretary of State's office at ATTN: UCC, 312 ROSA L PARKS AVE #6, NASHVILLE TN 37243-1102.
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.
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.
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.