Ucc3 Withholding

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

The UCC3 Withholding form, also known as the UCC Financing Statement Amendment, serves as a critical tool for modifying existing UCC financing statements. Its primary functions include terminating, continuing, assigning, or amending information related to security interests as specified by the original financing statement. Legal professionals such as attorneys, partners, and paralegals can utilize this form to ensure accurate representations of debtor and secured party information, while also enabling amendments to collateral descriptions when necessary. To fill out the form, users must carefully check applicable boxes, provide updated names or addresses, and ensure clarity throughout. Mistakes can have significant legal implications, so users are encouraged to consult with legal counsel if uncertainties arise. This form can also be submitted for acknowledgment by completing the appropriate sections, thus offering confirmation of filing for parties involved. It is particularly useful for those managing secured transactions, ensuring all details remain up-to-date, which is essential to uphold security interests and protect legal rights.

How to fill out UCC3 Financing Statement Amendment?

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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.

So really, a UCC3 Assignment has the same effect on the record as an amendment to add a secured party. This is one of those cases where you can accomplish the same thing through different amendments. An assignment adds a secured party. An amendment to add a secured party adds a 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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Ucc3 Withholding