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  • Ucc Financing Statement Amendment (form Ucc3) - Sdsos

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UCC FINANCING STATEMENT AMENDMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) B. E-MAIL CONTACT AT FILER (optional) C. SEND ACKNOWLEDGMENT TO: (Name and Address) Print Reset.

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How to fill out the UCC Financing Statement Amendment (Form UCC3) - Sdsos online

Filling out the UCC Financing Statement Amendment (Form UCC3) is a necessary step for individuals and businesses looking to amend their financing agreements. This guide provides clear and concise instructions to help you complete this form accurately online.

Follow the steps to successfully complete the UCC Financing Statement Amendment.

  1. Click the ‘Get Form’ button to obtain the form and open it in the editor.
  2. In item A and B, you may enter your name, phone number, and email address if you wish to provide optional contact information for communication purposes.
  3. In item C, specify the name and address where you would like an acknowledgment sent, if desired.
  4. In item 1a, enter the initial financing statement file number to which this amendment relates. Make sure to only enter one file number.
  5. If this amendment is going to be recorded in the real estate records, check item 1b and provide the Debtor's name in item 13 of the Amendment Addendum.
  6. Choose one of the boxes in item 2, 3, 4, or 5 to indicate the purpose of this amendment, ensuring you complete the corresponding sections as instructed.
  7. For assignments, provide the name and address of the Assignee in items 7a, 7b, and 7c, as well as the name of the Assignor in item 9.
  8. If you're making a party information change, check the appropriate boxes and complete items 5, 6, and/or 7 to reflect any name or address changes.
  9. In item 8, indicate if you are adding, deleting, restating, or assigning collateral, and provide the required information.
  10. In item 9, enter the name of the secured party authorizing this amendment, following the guidelines based on the nature of the authorization.
  11. Optionally, you may provide identifying reference data in item 10 for your own record-keeping purposes.

Complete your documents online to ensure a smooth filing process.

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UCC-3 party amendments: A UCC-3 amendment is a type of filing used to change or add critical information about the debtor or the secured party. For example, they can be used to change the name or the address.

It's true, a UCC-3 is used to continue your existing filing, amend your existing filing, terminate your existing filing, or assign your interest to another secured party. Continuation. A UCC is effective for 5 years.

A UCC-3 is used as a way to amend that original lien filing and do things like terminate the UCC, edit any of the details of the lien, or assign your interests to another secured party for the lien.

Now, for example, let's say you want to take a second mortgage with Bank#2. Bank#2 will search the Secretary of State records and find that Bank#1 has already lent you money. Bank#2 will not get its money back until Bank#1 has been paid in full so its interest is referred to as "subordinated".

A UCC 3 Subordination is a form used when more than one lender has an interest in the same collateral. In this situation, a subordination agreement should be signed in order to establish the order in which the lenders will be refunded the money.

Delete Collateral Amendment, this amendment is designed to remove collateral from the scope of the Financing Statement. It used to be called a Partial Release. In this type of case, the secured party of record must authorize the filing to delete collateral.

A UCC3 is a change statement to a UCC1. It's an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It's a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.

Subordination is the act or process by which one person or creditor's rights or claims are ranked below those of others, dealing with the distribution priority of debts between creditors.

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