A Wyoming UCC Financing Statement Additional Party is an individual or entity that is named on a Uniform Commercial Code (UCC) Financing Statement filed in Wyoming. It is sometimes referred to as a "secondary debtor". The additional party may be a co-debtor, guarantor, or other party with an interest in secured property. There are two types of Wyoming UCC Financing Statement Additional Parties: debtor and guarantor. A debtor is the party primarily liable for the debt, while a guarantor is an individual or entity who agrees to be liable for the debt in the event that the primary debtor defaults.
Wyoming UCC Financing Statement Additional Party
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UCC Financing Statement Additional Party
How to fill out Wyoming UCC Financing Statement Additional Party?
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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.
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.
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.
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!
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.
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 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.
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.