Ucc Termination Letter With Notice
Description
How to fill out Sample Letter For UCC-3 Termination Statement?
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FAQ
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.
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.
For UCC and EFS, a termination creates a public record that a loan was repaid, a lien was removed, or some other obligation was met.
UCC § 9-515(c) provides for the consequences of a lapse period: Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise.
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.
