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US Legal Forms
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North Carolina
Raleigh
UCC1-AD Financing Statement Addendum

Raleigh North Carolina UCC1-AD Financing Statement Addendum

Category:

Contracts - Uniform Commercial Code - Financing Statements

State:

Multi-State

City:

Raleigh

Control #:

US-UCC1-AD

Format:

Word;

PDF

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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.

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Interesting Questions

Can I amend my UCC1-AD after filing?

Yes, you can amend it to correct errors or add information. Just like updating your contact info, it's important to keep your records accurate.

What happens if I don't file a UCC1-AD?

If you skip this step, you might lose your claim to the collateral if things go south. It’s like leaving the door unlocked – not a good idea if you want to keep your stuff safe.

How long is a UCC1-AD effective?

Generally, it's effective for five years in North Carolina, but you can renew it if needed. It’s like a good pair of shoes – with the right care, it can last longer.

What information do I need to include in the UCC1-AD?

You'd want to include details about the debtor, the secured party, and any additional descriptions of the collateral. Think of it like crafting a recipe – every ingredient needs to be just right.

Why do I need to file a UCC1-AD in Raleigh?

Filing one helps to secure your interest in the collateral if someone defaults. It's like putting a flag on your territory, making it known that you've got a claim.

What is a UCC1-AD Financing Statement Addendum?

It's a legal document used to provide additional details about a financing statement in North Carolina. Think of it like adding a footnote to a book to give more context.