Amended Uniform commercial code security agreement
Understanding this form
The Amended Uniform Commercial Code Security Agreement is a legal document used to establish a security interest in collateral to secure the payment of debts or obligations. This form is typically used when a debtor wants to guarantee a note or loan, allowing a creditor to claim specific assets in case of default. Unlike other security agreements, this amendment focuses on updating previous agreements regarding collateral, ensuring proper legal standing under the Uniform Commercial Code (UCC).
Main sections of this form
- Identification of debtor, shareholders, and secured party.
- Description of the collateral being secured, including irrigation equipment and real estate.
- Warranties and obligations of the debtor regarding the collateral.
- Events of default and the rights of the secured party upon default.
- Process for notification of changes in the debtor's address or ownership status of collateral.
- Conditions and obligations regarding insurance of the collateral.
When to use this document
This form is essential when a corporation (the debtor) guarantees a promissory note from its shareholders to a creditor (the secured party). It is commonly used in agricultural financing, where an entity wishes to secure a loan with specific farming equipment or real estate. You should use this form whenever there are amendments to an existing security agreement that involve changes in collateral or terms of the agreement.
Who should use this form
- Corporations guaranteeing loans taken out by their shareholders.
- Shareholders who need a legal framework to secure loans from corporate funds.
- Creditors requiring security for loans secured by corporate assets.
How to complete this form
- Identify and fill in the names and details of the debtor, shareholders, and secured party.
- Clearly describe the collateral being secured, including all equipment and real estate.
- Enter the amounts related to the promissory note and current indebtedness.
- Review and enter any necessary dates, ensuring all terms and conditions are clear.
- Obtain necessary signatures from all parties involved and ensure the document is notarized if required.
Does this document require notarization?
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to accurately describe the collateral, which can lead to disputes.
- Not securing required signatures from all involved parties.
- Ignoring the need for notarization if specified by local laws.
- Overlooking the obligations regarding insurance and tax payments on collateral.
Why complete this form online
- Convenience of filling out and storing documents securely online.
- Ability to edit and update the form easily as terms or circumstances change.
- Access to legal templates crafted by licensed attorneys, ensuring compliance and reliability.
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FAQ
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.
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).
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.
As was true under former Article 9 "goods" are defined, in new section 9-102(a)(44), to mean all things that are movable when a security interest attaches, including fixtures, standing timber that is to be cut and removed under a conveyance or contract for sale, the unborn young of animals, crops grown, growing, or to
Having a UCC filed on your business credit report can have negative effects in general on your overall credit risk, scoring and other associated risk analysis, (across all three business credit bureaus) and can even kill your chances at getting financing for your business.
Updated Jun 1, 2020. A UCC-Uniform Commercial Code-1 statement is a legal notice filed by creditors as a way to publicly declare their rights to potentially obtain the personal properties of debtors who default on business loans they extend.
Article 9 is an article under the Uniform Commercial Code (UCC) that governs secured transactions, or those transactions that pair a debt with the creditor's interest in the secured property.
The Uniform Commercial Code (UCC) is a set of business laws that regulate financial contracts and transactions employed across states. The UCC code consists of nine separate articles, each of which covers separate aspects of banking and loans.
The Uniform Commercial Code (UCC) contains rules applying to many types of commercial contracts, including contracts related to the sale of goods, leasing of goods, use of negotiable instruments, banking transactions, letters of credit, documents of title for goods, investment securities, and secured transactions.
