A Massachusetts Sample Letter for UCC-3 Termination Statement is a document used to officially terminate a Uniform Commercial Code (UCC) filing in the state of Massachusetts. UCC filings are typically made to establish a creditor's security interest in certain assets of a debtor. When a debtor has paid off a loan or the security interest is no longer necessary, a UCC-3 Termination Statement is filed to effectively remove the creditor's claim on the debtor's assets. This statement must be filed with the Secretary of the Commonwealth, specifically the UCC division, in Massachusetts. The content of a Massachusetts Sample Letter for UCC-3 Termination Statement should contain specific information to ensure its validity and accuracy. The letter should include: 1. Heading: The letter should have a clear heading stating "UCC-3 Termination Statement" and the name and contact information of the creditor or the creditor's representative. 2. Borrower Information: Provide the complete legal name and address of the debtor or borrower, as listed in the original UCC filing, to accurately locate the initial filing. 3. Creditor Information: Include the name and contact details of the creditor or secured party who filed the original UCC-1 Financing Statement. 4. Original Filing Information: Include the date of the original UCC-1 Financing Statement filing and the corresponding file number assigned by the Secretary of the Commonwealth. This information is necessary to identify the specific UCC filing being terminated. 5. Termination Statement: Clearly state that the purpose of the letter is to terminate the identified UCC filing. Use concise language to indicate that the secured party no longer claims an interest in the property or assets previously held as collateral. 6. Debtor Signature: The letter should be signed by the debtor acknowledging that they are aware of the termination and that they consent to it. This ensures that the debtor is directly involved in the termination process. Types of Massachusetts Sample Letters for UCC-3 Termination Statement: 1. Individual Termination: This type of termination statement is used when an individual debtor has satisfied their loan or when the security interest is no longer necessary. 2. Business Termination: A business termination statement is filed when a company or entity has paid off its loan or when the security interest is no longer applicable to their operations. 3. Assignment Termination: In cases where the creditor has assigned the UCC filing to another party, a termination statement is filed to release the assignor's interest in the debtor's assets. It is important to remember that this sample letter serves as a guide and should be tailored to meet the specific requirements set forth by the Massachusetts Secretary of the Commonwealth's UCC division. Consultation with legal professionals is advisable to ensure compliance with all legal obligations and formalities.
Massachusetts Sample Letter for UCC-3 Termination Statement
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How to fill out Massachusetts Sample Letter For UCC-3 Termination Statement?
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Methods to Remove a UCC Filing Ask the lender to terminate the lien upon payoff. Visit your secretary of state's office. Dispute inaccurate information on your business credit reports.
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.
Now, for example, let's say you want to take a second mortgage with Bank#2. Bank#2 will search the Secretary of State records and find that Bank#1 has already lent you money. Bank#2 will not get its money back until Bank#1 has been paid in full so its interest is referred to as "subordinated".
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.
UCC Financing Statement (usually called a UCC-1 Form) is a form that creditors file with states in which they have a security interest in a debtor's personal property.
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 general, a UCC filing is not bad for your business ? it simply serves as an official notice to other creditors that your lender has a security interest in one or all of your assets. However, UCC filings can impact your business credit, risk your company's assets and/or hinder your ability to get future financing.
