Financing Statement Additional Party form for adding additional Debtors or Secured Parties to Financing Statements (Form UCC1) filed with the New York filing office.
The Suffolk New York UCC1 Financing Statement Additional Party refers to a legal document used to provide notice of a security interest in a collateral or property. It is filed under the Uniform Commercial Code (UCC) in Suffolk County, New York. This statement helps creditors protect their rights and establish priority in case of a borrower's default or bankruptcy. The Additional Party in the UCC1 Financing Statement is an individual or entity that has an interest in the collateral but may not be the primary debtor. There are various types of Additional Parties that may be mentioned in a Suffolk New York UCC1 Financing Statement. These parties include: 1. Co-Debtors: Co-debtors are individuals or entities who are equally liable for the debt and share legal responsibility with the primary debtor. They may be included as additional parties to ensure their interests are safeguarded. Keywords: Co-debtors, shared liability, equal responsibility. 2. Guarantors: Guarantors are individuals or entities that promise to fulfill the obligations of the primary debtor if they fail to do so. These parties provide a form of financial assurance to the creditor and are mentioned as additional parties to secure their interests. Keywords: Guarantors, financial assurance, obligations, responsibilities. 3. Lien holders: Lien holders are individuals or entities that possess a legal claim or right against the property or collateral involved. While they might not be debtors, they are added as additional parties to assert their lien rights and protect their interests. Keywords: Lien holders, legal claim, collateral, property rights. 4. Assignees: Assignees are individuals or entities to whom the rights and interests of the original creditor are transferred. They become additional parties to ensure that the assigned rights are recognized, and their interests are protected. Keywords: Assignees, transferred rights, interests. 5. Secondary or Subordinate Lenders: In certain cases, there may be multiple lenders involved in a financing arrangement. Secondary or subordinate lenders with a lower priority than the primary creditor can be included as additional parties to establish their rights and claims. Keywords: Secondary lenders, subordinate lenders, lower priority, rights and claims. By including these types of Additional Parties in a Suffolk New York UCC1 Financing Statement, parties involved can establish their rights, priority, and interests related to the collateral or property, thereby ensuring a transparent and secure financing arrangement.
