The Bend Oregon UCC1 Financing Statement Addendum is an essential legal document that complements the UCC1 financing statement, ensuring comprehensive and accurate information regarding the secured party's interest in personal property. It serves as an attachment to the UCC1 form, providing additional details and provisions. This addendum is commonly used in Bend, Oregon, and plays a crucial role in securing financial transactions involving personal property, such as equipment, inventory, and various assets. It ensures that all relevant parties, including lenders, borrowers, and potential buyers, have a clear understanding of the specific terms and conditions associated with the financing arrangement. Some important keywords associated with the Bend Oregon UCC1 Financing Statement Addendum include: 1. UCC1 Financing Statement: The primary document filed by a creditor or secured party to stake their claim or security interest in personal property as collateral for a loan or other financial obligations. 2. Security Interest: A legal right granted by a debtor to a creditor that provides assurance or collateral in case of default or non-payment. 3. Personal Property: Assets that are movable and not classified as real estate. This category typically includes items like machinery, vehicles, inventory, and equipment. 4. Secured Party: The creditor or lender who holds a security interest in the personal property of a debtor as protection against potential default or non-payment. 5. Addendum: An attachment or supplemental document that provides additional information or terms to an existing legal instrument. Types of Bend Oregon UCC1 Financing Statement Addendum: 1. Amended Addendum: When changes or updates need to be made to the original UCC1 Financing Statement Addendum, an amended addendum is filed, ensuring that all the latest information is accurately reflected. 2. Termination Addendum: If the secured party no longer has a security interest in the debtor's personal property, a termination addendum is filed to officially release the security interest and remove it from public record. 3. Collateral Description Addendum: In cases where a more detailed or specific description of the collateral is necessary, this addendum provides additional information to accurately identify the assets securing the loan. 4. Debtor Information Addendum: In situations where the debtor's information needs to be further specified or corrected, this addendum is filed to ensure that the debtor's details are accurately recorded on the UCC1 financing statement. Understanding the intricate details of the Bend Oregon UCC1 Financing Statement Addendum is crucial when engaging in financial transactions involving personal property. Whether it's an amended addendum, termination addendum, collateral description addendum, or debtor information addendum, each serves a unique purpose in enhancing the accuracy and reliability of the UCC1 financing statement.
Bend Oregon UCC1 Financing Statement Addendum
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How to fill out Bend Oregon UCC1 Financing Statement Addendum?
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FAQ
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.
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.
A uniform commercial code (UCC) filing is a notice registered by a lender when a loan is taken out against a single asset or a group of assets. A UCC filing creates a lien against the collateral a borrower pledges for a business loan. The uniform commercial code is a set of rules governing commercial transactions.
Box 2 ? Termination ? This is a termination of the effectiveness of the financing statement by the secured party. However, it is important to note that for a UCC1 filing a termination is only an amendment and that the UCC1 filing may be amended further, even after a termination has been filed.
The court noted that the California Commercial Code provides that a person may file a UCC-1 only if the debtor authorizes the filing by (1) authenticating a security agreement; (2) becoming bound as debtor by a security agreement; or (3) acquiring collateral in which a security interest is attached.
1 filing is good for five years. After five years, it is considered lapsed and no longer valid. Should your debtor remain in debt to you and encounter financial difficulty or file for bankruptcy, you have no secured interest if your UCC1 filing has lapsed.
A fixture filing is a UCC financing statement with an addendum that is filed in the local jurisdiction where the real property is located and is then recorded in the real property records.
Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address. (Recommended for return copy of the filing.)
Accordingly, UCC-1 filings are generally filed as soon as the loan is made.