Tennessee UCC3 Financing Statement Amendment Addendum
Definition and meaning
The Tennessee UCC3 Financing Statement Amendment Addendum is a supplementary document used to modify or amend an existing financing statement. This form is critical in maintaining the accuracy of secured transactions in Tennessee, ensuring that any changes in collateral or borrower information are officially recorded.
How to complete a form
To fill out the Tennessee UCC3 Financing Statement Amendment Addendum, follow these steps:
- Initial Financing Statement File Number: Enter the file number exactly as stated on the original financing statement.
- Name of Party Authorizing the Amendment: Provide the name of the party, either as an organization or individual, following the instructions for item 9 on the amendment form.
- Additional Information: Use the space provided for any supplemental details necessary to clarify the amendment.
Who should use this form
This form is intended for use by individuals or entities who have previously filed a UCC financing statement in Tennessee and need to update or amend the information contained within that statement. Common users include lenders, borrowers, and legal professionals involved in secured transactions.
Key components of the form
The main components of the Tennessee UCC3 Financing Statement Amendment Addendum include:
- Initial Financing Statement Number: Identifies the original statement being amended.
- Party Information: Details about the party requesting the amendment.
- Additional Details Section: Space for any necessary supplementary information.
Common mistakes to avoid when using this form
When filling out the Tennessee UCC3 Financing Statement Amendment Addendum, be mindful of these common pitfalls:
- Entering an incorrect file number, which can lead to confusion and improper amendments.
- Not providing complete information about the individual or organization authorizing the amendment.
- Failing to use the designated space for additional information if needed.
What documents you may need alongside this one
When submitting the Tennessee UCC3 Financing Statement Amendment Addendum, you may also require:
- Original UCC financing statement.
- Any previous amendments to ensure accurate record-keeping.
- Supporting documents that clarify the reason for the amendment, if applicable.
Benefits of using this form online
Utilizing the Tennessee UCC3 Financing Statement Amendment Addendum online offers several advantages:
- Convenience: Complete and submit your amendment from anywhere at any time.
- Efficiency: Quickly access and fill out the proper forms without the need for physical paperwork.
- Always Updated: Ensure you are using the latest form version with accurate guidelines.
Form popularity
FAQ
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.
To assign (1) some or all of Assignor's right to amend the identified financing statement, or (2) the Assignor's right to amend the identified financing statement with respect to some (but not all) of the collateral covered by the identified financing statement: Check box in item 3 and enter name of Assignee in item 7a
Why file a UCC-3 form? The UCC-3 is the Swiss-Army-Knife of forms. Unlike a UCC 1, a UCC 3 can be used for multiple purposes. The actions one can take are Amendment, Assignment, Continuation, and Termination.
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.