The Louisiana National UCC Financing Statement Amendment Addendum is a legal document used to amend information in a UCC Financing Statement, which is a filing made by a secured party to provide public notice of its security interest in the collateral of a debtor. There are two types of Louisiana National UCC Financing Statement Amendment Addendum: the UCC-3 Amendment (for amending an existing filing) and the UCC-3 Addendum (for adding additional collateral to an existing filing). Both forms must be completed and filed with the Louisiana Secretary of State in order to be effective. The forms must include the debtor's name, the secured party's name, the filing number, the date of filing, and the information being amended or added. The UCC-3 Amendment must also include the section(s) of the filing being amended.
Louisiana National UCC Financing Statement Amendment Addendum
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How to fill out Louisiana National UCC Financing Statement Amendment Addendum?
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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.
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.
Ask the lender to terminate the lien upon payoff. A good rule of thumb is to request that your lender file a UCC-3 form with your secretary of state as soon as possible after you pay off your loan. The UCC-3 will terminate the lien on your company's assets (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.
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.)
It's possible to avoid a UCC filing by taking out an unsecured business loan rather than a secured one. For example, many online and alternative lenders offer unsecured loans, and you can get an SBA 7(a) loan of up to $25,000 without collateral.
For UCC and EFS, a termination creates a public record that a loan was repaid, a lien was removed, or some other obligation was met. The records will remain in our system until two years after they lapse.
Generally, the debtor must first make a formal (or authenticated) demand to the secured party of record to terminate the UCC-1. This process involves sending a signed written request to the secured party of record demanding for said party to file a UCC-3 termination statement.