This website is not affiliated with any governmental entity
Public form
Description
This form is a UCC Financing Statement Addendum for use in documenting personal property used as collateral for a loan. Available in Word and Adobe pdf format.
If you skip filing when it's required, it could jeopardize your rights to the collateral. It’s like building a house without a foundation; it might not stand for long!
You can absolutely file a UCC1-AD on your own! It's a straightforward process, but having an attorney can help ensure everything's just right, like having a trusty guide on a tough hike.
Filing a UCC1-AD strengthens a creditor's claim on the collateral, giving them a legal leg to stand on if the borrower defaults. It's like securing your umbrella before the storm hits!
The addendum requires details such as the name of the debtor and specific descriptions of the collateral. Think of it as filling out a recipe, where every ingredient needs to be precise.
Typically, lenders or creditors filing for security interest against a borrower's assets need to file this addendum. It's like saying, 'I've got my eye on this collateral!'