Wisconsin Initial Financing Statement Addendum is an additional document that is used to supplement a UCC-1 Financing Statement in Wisconsin. This supplemental document allows certain information to be added to the UCC-1 Financing Statement, such as the type of collateral, the name of the secured party, and the debtor’s name. This document must be filed with the Wisconsin Department of Financial Institutions in order to perfect a security interest in Wisconsin. There are two types of Wisconsin Initial Financing Statement Addendum: one for consumer goods and one for fixtures. The addendum for consumer goods contains information about the specific items of personal property being used as collateral. The addendum for fixtures contains information about the real estate or buildings that are being used as collateral.
Wisconsin Initial Financing Statement Addendum
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How to fill out Wisconsin Initial Financing Statement Addendum?
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FAQ
A Uniform Commercial Code filing?or UCC filing?is a form of notice that lenders use when securing a borrower's loan with an asset or group of assets. This enables lenders to seize the listed property as a way of recouping loan funds in the case of borrower default.
A UCC financing statement ? also called a UCC-1 financing statement or a UCC-1 filing ? is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.
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.
Under Revised Article 9 of the Uniform Commercial Code, secured parties are permitted to file UCC Financing Statements prior to formal execution of the security agreement (pre-file) provided they receive proper authorization from the debtor to do so.
Wisconsin has adopted the following Articles of the UCC: Article 3: Negotiable instruments: UCC Article 3 applies to negotiable instruments.
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.
In general, a UCC filing is not bad for your business ? it simply serves as an official notice to other creditors that your lender has a security interest in one or all of your assets. However, UCC filings can impact your business credit, risk your company's assets and/or hinder your ability to get future financing.
The Uniform Commercial Code Section of the Division of Corporate & Consumer Services at the Department of Financial Institutions examines and files documents under the Uniform Commercial Code, including statements of business indebtedness, consignments, terminations, and financing statements and maintains the statewide