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Illinois UCC1 Financing Statement Additional Party

Ucc1 Illinois

Name: Illinois UCC1 Financing Statement Additional Party
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.8 (479 reviews)

Category:

Illinois Contracts - Statewide - Uniform Commercial Code

State:

Illinois

Control #:

IL-UCC1-AP

Format:

Instant download

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Public form

Description

Financing Statement Additional Party form for adding additional Debtors or Secured Parties to Financing Statements (Form UCC1) filed with the Illinois filing office.

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FAQ

UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.

An assignee of a secured party can either become the secured party of record or it can be an assignee whose interest is not of record. In either case, the assignee is a secured party that is perfected by filing but who has not filed a financing statement.

A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).

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.

Defined in the UCC as: A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding.

The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.

The borrower or buyer is known as the debtor, and the lender or seller is known as the creditor, and more specifically the secured party. Two simple examples of secured transactions are: (1) a bank loaning a business money so it can buy inventory; and (2) a company selling a business equipment on credit.

A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed.

UCC-1 Financing Statements are commonly referred to as simply UCC-1 filings. UCC-1 filings are used by lenders to announce their rights to collateral or liens on secured loans and are usually filed by lenders with your state's secretary of state office when a loan is first originated.

Ucc1 Illinois

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How to fill out Illinois UCC1 Financing Statement Additional Party?

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FAQ

Does a UCC financing statement need to be signed?

What does assignee of secured party name mean?

What is a UCC Financing Statement amendment?

How do I fill out a UCC financing statement?

What is a secured party in UCC?

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