The Kentucky UCC Financing Statement Amendment Addendum is a legal form used to amend information contained in a previously filed UCC Financing Statement in the state of Kentucky. This form is used to make changes to the debtor’s name, secured party's name, address, or collateral description that were previously filed in the original UCC Financing Statement. It can also be used to add or delete collateral from the list of items that are being used as security for the loan. This form is often used to update the UCC Financing Statement when a debtor pays off a loan or when a different secured party is taking over the loan. There are two types of Kentucky UCC Financing Statement Amendment Addendum: Type 1 and Type 2. Type 1 is used to make changes to the debtor's name, secured party's name, address, or collateral description that were previously filed in the original UCC Financing Statement. Type 2 is used to add or delete collateral from the list of items that are being used as security for the loan.
Kentucky UCC Financing Statement Amendment Addendum
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FAQ
When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
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.
An assignment adds a secured party. An amendment to add a secured party adds a secured party.
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.)
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.
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.