This form is an official UCC form which complies with all applicable Federal codes and statutes. USLF updates all Federal forms as is required by Federal statutes and law.
Indiana UCC3 Financing Statement Amendment
State:
Indiana
Control #:
IN-UCC3
Format:
PDF
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FAQ
The term UCC refers to the Uniform Commercial Code, which governs commercial transactions in the United States. On the other hand, a UCC-3 is specifically an amendment form used to make changes to an existing UCC financing statement. When dealing with an Indiana UCC3 Financing Statement Amendment, you ensure that your recorded interests accurately reflect new agreements or modifications, providing clarity and legal protection.
When the debtor has satisfied all amounts owed to the lender, a UCC-3 termination statement (now called a UCC termination statement) is routinely filed to terminate the security interest perfected by the UCC-1 financing statement.
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.
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.
A UCC-3 termination statement (a Termination) is a required filing that terminates a security interest that has been perfected by a UCC-1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC-3 with the Secretary of State's office in the appropriate state.
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 After five years, it is considered lapsed and no longer valid.
A UCC-3 termination statement (a Termination) is a required filing that terminates a security interest that has been perfected by a UCC-1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC-3 with the Secretary of State's office in the appropriate state.
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.
When the debtor has satisfied all amounts owed to the lender, a UCC-3 termination statement (now called a UCC termination statement) is routinely filed to terminate the security interest perfected by the UCC-1 financing statement.
After receiving your request, the lender has 20 days to terminate the UCC filing.