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Connecticut UCC1 Financing Statement Addendum

Connecticut UCC1 Financing Statement Addendum

Name: Connecticut UCC1 Financing Statement Addendum
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.7 (349 reviews)

Category:

Connecticut Secretary of State - Uniform Commercial Code

State:

Connecticut

Control #:

CT-UCC1-A

Format:

Instant download

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Public form

Description

UCC1 - Financing Statement Addendum - Connecticut - For use after July 1, 2001. This form permits you to add an additional debtor if necessary to cover collateral as specified in the statement.

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FAQ

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).

A UCC-3 termination statement (a Termination) is a required filing that terminates a security interest that has been perfected by a UCC-1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC-3 with the Secretary of State's office in the appropriate state.

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.

After receiving your request, the lender has 20 days to terminate the UCC filing.

Also known as a UCC-3, and, depending on the context, a UCC-3 financing statement amendment, a UCC-3 termination statement, and a UCC-3 continuation statement. Under the Uniform Commercial Code, a UCC-3 is used to continue, assign, terminate, or amend an existing UCC-1 financing statement (UCC-1).

Rules vary by State around releasing a UCC lien after a borrower satisfied the debt. Primarily there are two main ways to remove them. One way is by having the lender file a UCC-3 Financing Statement Amendment. Another way to remove a UCC filing is by swearing an oath of full payment at the secretary of state office.

When the debtor has satisfied all amounts owed to the lender, a UCC-3 termination statement (now called a UCC termination statement) is routinely filed to terminate the security interest perfected by the UCC-1 financing statement.

It should be noted that UCC financing statements filed now generally do not contain a grant of the security interest and generally are not signed or otherwise authenticated by the Debtor and therefore would not satisfy the requirement of a security agreement.

Section 9-503 of the UCC provides various, more specific rules regarding the sufficiency of a debtor's name on a financing statement.However, unlike with a security agreement, on a financing statement it is acceptable to use a supergeneric description of collateral.

Connecticut UCC1 Financing Statement Addendum

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FAQ

What is a UCC Financing Statement amendment?

What is a UCC 3 Termination Statement?

Who can file UCC termination?

How long does it take to remove a UCC filing?

What is a UCC 3 amendment?

How do I terminate a UCC financing statement?

What does UCC termination mean?

Can you file a UCC-1 without a security agreement?

Is a UCC financing statement a security agreement?

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