Illinois UCC3 Financing Statement Amendment
Definition and meaning
The Illinois UCC3 Financing Statement Amendment is a legal document used to amend an existing financing statement filed under the Uniform Commercial Code (UCC). This form is utilized to update or modify information related to security interests in personal property, such as changing the names or addresses of debtors or secured parties. The amendment can also be used for termination of a previous financing statement, continuation of the existing statement, or assignment of interests.
How to complete a form
Completing the Illinois UCC3 Financing Statement Amendment involves several key steps:
- Begin by entering the initial financing statement file number in item 1a.
- If applicable, specify that the amendment is to be recorded in the real estate records by checking item 1b.
- Choose the relevant amendment purpose by checking the appropriate box for termination, continuation, assignment, or changes in party information.
- Fill out the details for the debtor or secured party, including their current and new names or addresses as necessary.
- If changing collateral information, provide a clear description in item 8.
- Complete items 9 and 10 for further context or references as needed.
Always ensure the form is legible and complete before submission.
Who should use this form
The Illinois UCC3 Financing Statement Amendment should be utilized by individuals or organizations that need to make changes to a previously filed UCC financing statement. This includes secured parties seeking to amend their security interests, debtors wishing to update their information, or assignors transferring rights related to a secured transaction. If changes are needed concerning the identities or addresses of the involved parties or if the collateral information must be altered, this form is essential.
Key components of the form
This form consists of several critical components that guide the amendment process:
- Initial financing statement file number: Essential for identifying the specific financing statement to be amended.
- Purpose of the amendment: Indicates if the amendment is for termination, continuation, or other changes.
- Debtor and Secured Party information: Accurate names and addresses of all parties involved must be provided.
- Collateral details: A clear description of any changes to the collateral must be documented.
Ensuring all sections are correctly filled out is crucial for the amendment to be processed effectively.
Form popularity
FAQ
You can file a UCC financing statement in Illinois with the Secretary of State's office. They offer both in-person services and online options for your convenience. By filing through the proper channels, you establish your legal claim to the collateral you are financing. Platforms like USLegalForms can assist you with the filing process, ensuring everything is handled accurately.
Also known as a UCC-3, and, depending on the context, a UCC-3 financing statement amendment, a UCC-3 termination statement, and a UCC-3 continuation statement. Under the Uniform Commercial Code, a UCC-3 is used to continue, assign, terminate, or amend an existing UCC-1 financing statement (UCC-1).
Form UCC3 is used to amend (make changes to) a UCC1 filing.However, it is important to note that for a UCC1 filing a termination is only an amendment and that the UCC1 filing may be amended further, even after a termination has been filed. Box 3 Continuation A UCC1 filing is good for five years.
If you're approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.
How long does a UCC filing last? A UCC-1 filing is good for five years. After five years, it is considered lapsed and no longer valid.
Rules vary by State around releasing a UCC lien after a borrower satisfied the debt. Primarily there are two main ways to remove them. One way is by having the lender file a UCC-3 Financing Statement Amendment. Another way to remove a UCC filing is by swearing an oath of full payment at the secretary of state office.
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
A UCC1 financing statement is effective for a period of five years. A record that is not continued before its lapse date will cease to be effective, costing the secured party their perfected status and perhaps their priority position to collect. Once a financing statement has lapsed, it cannot be revived.
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.