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UCC-3 assignments: This type of filing is used to transfer rights in a filing from one secured party to another. There are both “partial” and “full” assignments. UCC-3 terminations: A UCC-3 termination is used to extinguish the lien before its five-year term has ended.

The debtor or an authorized agent must sign the security agreement. Security agreements can be ruled invalid because of mistakes in the debtor's name. Be careful of related entities to make sure that the signature on your security agreement matches the correct legal name of the debtor.

(1) A contract for sale of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of such a contract. (2) An agreement sufficient to constitute a contract for sale may be found even though the moment of its making is undetermined.

The UCC clearly permits a creditor to use successive, timely filed, continuation statements to maintain perfection for an unlimited period of time—all the creditor has to do is keep filing a continuation every five years.

First, the debtor must send an authenticated demand to the secured party. The demand should be sent to the name/address of the secured party as indicated on the financing statement. 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.

Even today though, there are times when a creditor may need to file UCC Financing Statements in more than one filing location in order to perfect. Multiple filings often come into play in transactions that involve multiple debtors. Consider an example where you are filing on a corporation name and an individual.

Conclusion. In summary, while Multiple Function UCC3 Amendments are permissible in many jurisdictions, they are not recommended as a best practice for UCC3 Amendment filings. UCC3 Multiple Amendment Action filings can create confusion for the filer, filing office and third-party searchers reviewing UCC search results.

DO: Always use the Debtor's exact Legal Name and Address. The debtor's name should match what is listed on their legal license along with the correct address, or on the most recently filed corporate documents. Include the Lender's Name and Address. Provide a description of the collateral.

One of the most common mistakes creditors make when filing a UCC-1 financing statement is including incorrect information, including: Debtor's Name: The debtor's name must match the name on a government-issued identification. You cannot eliminate a middle name, misspell the name, or even add an extra space or period.