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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.
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.
The Uniform Commercial Code, or UCC, is a set of laws designed to make transactions secure and legal within the United States and would regulate any commercial transaction your business makes in Connecticut.
Uniform Commercial Code The UCC-1 form, or Financing Statement, is a form you must file to place a lien on property or assets belonging to someone you have made a loan to. This creates a public record and serves as evidence in any legal dispute over liability.
By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing. This means that if the debtor defaults on the loan, the creditor can potentially receive the personal property of the debtor that was put up as collateral.
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.
If you discover an outdated UCC filing on your credit reports which has already been released, you can dispute the mistake and ask the business credit reporting agencies to remove it from your reports. Keep in mind, however, there is no federal law requiring they do so.
All Business and UCC filings previously filed in CONCORD can now be found at business.ct.gov.