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Maine UCC1 Financing Statement Addendum

Maine UCC1 Financing Statement Addendum

Name: Maine UCC1 Financing Statement Addendum
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.57 (311 reviews)

Category:

Maine Contracts - Statewide - Uniform Commercial Code

State:

Maine

Control #:

ME-UCC1-A

Format:

Instant download

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Public form

Description

UCC1 - Financing Statement Addendum - Maine - For use after July 1, 2001. This form permits you to add an additional debtor if necessary to cover collateral as specified in the statement.

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FAQ

A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).

A UCC1 financing statement is effective for a period of five years. A record that is not continued before its lapse date will cease to be effective, costing the secured party their perfected status and perhaps their priority position to collect. Once a financing statement has lapsed, it cannot be revived.

Also known as a UCC-3, and, depending on the context, a UCC-3 financing statement amendment, a UCC-3 termination statement, and a UCC-3 continuation statement. Under the Uniform Commercial Code, a UCC-3 is used to continue, assign, terminate, or amend an existing UCC-1 financing statement (UCC-1).

If you're approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.

Form UCC3 is used to amend (make changes to) a UCC1 filing.However, it is important to note that for a UCC1 filing a termination is only an amendment and that the UCC1 filing may be amended further, even after a termination has been filed. Box 3 Continuation A UCC1 filing is good for five years.

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.

Rules vary by State around releasing a UCC lien after a borrower satisfied the debt. Primarily there are two main ways to remove them. One way is by having the lender file a UCC-3 Financing Statement Amendment. Another way to remove a UCC filing is by swearing an oath of full payment at the secretary of state office.

It should be noted that UCC financing statements filed now generally do not contain a grant of the security interest and generally are not signed or otherwise authenticated by the Debtor and therefore would not satisfy the requirement of a security agreement.

Maine UCC1 Financing Statement Addendum

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FAQ

What is a UCC Financing Statement amendment?

Do UCC financing statements expire?

What is a UCC 3 amendment?

What is the purpose of a UCC financing statement?

What's the difference between a UCC1 and UCC3?

Who can file UCC termination?

How do I terminate a UCC financing statement?

Can you file a UCC-1 without a security agreement?

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