Ucc 3 Addendum Form For Real Estate

State:
Multi-State
Control #:
US-UCC3-AD
Format:
Word; 
PDF
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Description

This Uniform Commercial Code form, a UCC3-AD Financing Statement Amendment Addendum, is for use in the documentation of personal property as collateral for a loan, and related matters.

How to fill out UCC3-AD Financing Statement Amendment Addendum ?

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FAQ

The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.

Fill in the debtor's name and mailing address. It may be an individual, or it may be in the name of a business or organization. If the loan is in the name of the business, include the business mailing address. There is space for additional debtors. Include them exactly as they appeared on the loan agreement.

Legal requirements for the UCC-1 In order for a UCC-1 to hold weight in a legal proceeding, it must include the exact legal name of the debtor, the collateral included in the lien and the name of the secured party.

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".

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.

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Ucc 3 Addendum Form For Real Estate