The Kentucky UCC Financing Statement Amendment is a legal document that amends an existing security agreement in the form of a financing statement. It is used by lien holders to update or correct information contained in a financing statement for secured transactions governed by the Uniform Commercial Code (UCC). This amendment must be filed with the Kentucky Secretary of State’s Office in order to be effective. There are two types of Kentucky UCC Financing Statement Amendment: a short form amendment and a long form amendment. The short form amendment can be used to make any of the following changes: change the name or address of the debtor, add or delete collateral, or correct a typographical error. The long form amendment can be used to make any of the following changes: change the name or address of the secured party, change the name or address of the debtor, add or delete collateral, modify the terms of the security agreement, or correct a typographical error.
Kentucky UCC Financing Statement Amendment
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How to fill out Kentucky UCC Financing Statement Amendment?
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FAQ
A UCC3 is a change statement to a UCC1. It's an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It's a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.
An assignment adds a secured party. An amendment to add a secured party adds a secured party.
A UCC filing won't impact your business credit scores directly because it doesn't indicate anything about your ability to repay your debts. However, it can affect your ability to get credit again in the future.
Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address. (Recommended for return copy of the filing.)
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 After five years, it is considered lapsed and no longer valid. Should your debtor remain in debt to you and encounter financial difficulty or file for bankruptcy, you have no secured interest if your UCC-1 filing has lapsed.
In these situations, you can file a UCC-3 termination yourself with your secretary of state. You must swear under oath that you've satisfied the debt in full and complete the UCC termination form.