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Washington UCC Financing Statement Additional Party

Washington UCC Financing Statement Additional Party

Name: Washington UCC Financing Statement Additional Party
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.84 (435 reviews)

Category:

Washington Secretary of State - Uniform Commercial Code

State:

Washington

Control #:

WA-SKU-1639

Format:

Instant download

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Description

UCC Financing Statement Additional Party A Washington UCC Financing Statement Additional Party is a person or entity other than the debtor and secured party listed on a UCC Financing Statement. This additional party is listed on the filing as a third-party claimant with potential rights to the collateral listed on the UCC Financing Statement. The purpose of listing an additional party on a UCC Financing Statement is to provide notice to the additional party of the secured party’s interest in the collateral. There are two types of Washington UCC Financing Statement Additional Parties: Priority Additional Parties and Collateral Additional Parties. A Priority Additional Party is a person or entity that has a security interest in the collateral that has priority over the security interest of the secured party listed on the UCC Financing Statement. A Collateral Additional Party is a person or entity that has a security interest in the collateral but does not have priority over the security interest of the secured party listed on the UCC Financing Statement.

A Washington UCC Financing Statement Additional Party is a person or entity other than the debtor and secured party listed on a UCC Financing Statement. This additional party is listed on the filing as a third-party claimant with potential rights to the collateral listed on the UCC Financing Statement. The purpose of listing an additional party on a UCC Financing Statement is to provide notice to the additional party of the secured party’s interest in the collateral. There are two types of Washington UCC Financing Statement Additional Parties: Priority Additional Parties and Collateral Additional Parties. A Priority Additional Party is a person or entity that has a security interest in the collateral that has priority over the security interest of the secured party listed on the UCC Financing Statement. A Collateral Additional Party is a person or entity that has a security interest in the collateral but does not have priority over the security interest of the secured party listed on the UCC Financing Statement.

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FAQ

A UCC filing, also known as a UCC lien or a UCC-1, is a financing statement which lenders can file against your business with your secretary of state. When you take out a secured loan, the lender may file a lien to protect the asset(s) you committed to secure financing.

The first UCC-1 filer holds a first-position lien, the second filer has a second-position lien and so forth. Usually, the first-position lien must be completely satisfied before the second-position lien holder can receive any remaining collateral.

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.

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.

If the individual resides in a state other than where the business is registered, multiple filings may be required in order to perfect. For more information on UCC filings, visit the First Corporate Solutions reference library or register for one of our free webinar events!

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.

Ask the lender to terminate the lien upon payoff. A good rule of thumb is to request that your lender file a UCC-3 form with your secretary of state as soon as possible after you pay off your loan. The UCC-3 will terminate the lien on your company's assets (or assets) and remove the UCC-1 filing.

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.

More info

If this Additional Party form adds additional Secured Parties, complete items 22 and 23 in accordance with Instruction 3 of Financing Statement (Form UCC1). Items 1 - 7 — Enter information for Secured Party or Total Assignee, determined and formatted per Instruction 1.If there is more than one Secured Party, see. National UCC Financing Statement (Form UCC1) (Rev. If this Addendum adds an additional Secured Party, complete item 11 in accordance with Instruction 3 of Financing Statement (Form UCC1). Secured Parties, attach either Addendum (Form UCC1Ad) or Additional Party (Form UCC1AP). In fact, it is sometimes called a UCC financing statement. UCC Financing Statement Additional Party (TN Form UCC1Ap). Filing Fee: See instructions for UCC Financing Statement (TN Form UCC1). Items 1 - 7 — Enter information for Secured Party or Total Assignee, determined and formatted per Instruction 1.

Washington UCC Financing Statement Additional Party

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FAQ

Is a UCC-1 the same as a lien?

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