UCC 3 termination form NJ for adults is a legal document used to end or terminate an existing Uniform Commercial Code (UCC) filing in the state of New Jersey. This form is specifically designed for adults who wish to terminate a UCC filing voluntarily. The UCC is a set of laws that governs commercial transactions, including the creation and enforcement of security interests in personal property. When a UCC filing is made, it serves as a public record documenting the secured party's interest in a particular asset or collateral. To terminate a UCC filing, adults in New Jersey can use the UCC 3 termination form. This form must be completed accurately and submitted to the appropriate filing office where the initial UCC filing was made. It is essential to ensure the termination form clearly identifies the UCC filing to be terminated and provides all the necessary details, such as the debtor's name, secured party's information, and the unique UCC filing number. Different variations or types of UCC 3 termination forms may exist depending on the circumstances and objectives of the termination. Some common types may include: 1. Voluntary Termination: This type of termination occurs when the debtor, typically an individual or a business entity, voluntarily decides to terminate the UCC filing. It often happens when the secured obligation has been fully satisfied, the collateral has been sold, or the debtor no longer needs the UCC filing to be in effect. 2. Release of Collateral: In some cases, the secured party may choose to terminate the UCC filing in relation to specific collateral. This happens when the collateral has been fully paid off or is no longer needed as security for the debtor's obligations. 3. Amendment and Termination: Sometimes, a debtor and secured party may decide to modify the existing UCC filing while simultaneously terminating the previous one. This typically occurs when the parties agree to revise the terms of the secured obligations or replace the collateral with new assets. Regardless of the specific type, UCC 3 termination forms in New Jersey require careful completion and adherence to all relevant legal requirements. Seek professional advice or consult with an attorney to ensure accurate completion and proper filing of the termination form.
Ucc 3 Termination Form Nj For Adults
Description
How to fill out New Jersey UCC3 Financing Statement Amendment?
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FAQ
UCC filings in New Jersey go through the New Jersey Department of the Treasury's Division of Revenue and Enterprise Services. UCC-1 financing statements are submitted to secure debt, and then form UCC-3 is used for amendments to a UCC-secured financing agreement.
The Debtor must send an authenticated demand to the secured party. the demand must be sent to the name and address of the secured party found on the financing statement. the secured party has 20 days to either terminate the filing or send a termination statement to the debtor for the debtor to file.
1. Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
To add, edit or delete a debtor, secured party and/or collateral, you can file an Amendment online. Go to the UCC Home Page at .njportal.com/UCC and select the link "Amendment (UCC-3)". Enter the filing number to pull up the information and then you can make a change to the debtor, secured party and/or collateral.
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.