Maine UCC5 Correction Statement (National) is a document used to correct information previously submitted on a UCC5 Financing Statement. It is filed with the Maine Secretary of State, Companies Division. The correction statement must be signed by the secured party of record or its representative, and include the name and address of the secured party, the file number of the original UCC5 Financing Statement, and the effective date of the original UCC5 Financing Statement. There are two types of Maine UCC5 Correction Statement (National): Amendment and Partial Release. An Amendment is used to correct information on the original UCC5 Financing Statement, such as the name of the debtor or the amount of the debt. A Partial Release is used to release a portion of the collateral from the security interest created by the original UCC5 Financing Statement.
Maine UCC5 Correction Statement (National)
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How to fill out Maine UCC5 Correction Statement (National)?
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FAQ
Uniform Commercial Code (UCC) liens cover personal property used as collateral by a 'debtor' to secure a loan. ( The same way that a mortgage secures the loan on real property.)
UCC Release means one or more releases on form UCC-3, pursuant to which the Collateral is released from the Lien in favor of the Term Loan Agent for the benefit of the secured parties under or in respect of the Term Loan Agreement.
How to complete a UCC1 (Step by Step) Filer Information. Name and phone number of contact at filer. Email contact at filer.Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.
3 is used as a way to amend that original lien filing and do things like terminate the UCC, edit any of the details of the lien, or assign your interests to another secured party for the lien.
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.
It's true, a UCC-3 is used to continue your existing filing, amend your existing filing, terminate your existing filing, or assign your interest to another secured party.
UCC5 Information Statement Form A UCC5, filed by either the debtor or secured party, is solely intended to 'inform' third parties searching the UCC public records of the following: 'RECORD IS INACCURATE' 'RECORD WAS WRONGFULLY FILED' 'RECORD FILED BY PERSON NOT ENTITLED TO DO SO'
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.