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Maine UCC3 Financing Statement Amendment Additional Party

Maine UCC3 Financing Statement Amendment Additional Party

Name: Maine UCC3 Financing Statement Amendment Additional Party
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.83 (306 reviews)

Category:

Maine Contracts - Statewide - Uniform Commercial Code

State:

Maine

Control #:

ME-UCC3-AP

Format:

Instant download

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Description

Financing Statement Amendment Additional Party form for adding additional Debtors or Secured Parties to Financing Statement Amendment (Form UCC3) filed with the Maine filing office.

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FAQ

When the debtor has satisfied all amounts owed to the lender, a UCC-3 termination statement (now called a UCC termination statement) is routinely filed to terminate the security interest perfected by the UCC-1 financing statement.

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.

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.

A UCC-3 termination statement (a Termination) is a required filing that terminates a security interest that has been perfected by a UCC-1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC-3 with the Secretary of State's office in the appropriate state.

To continue the effectiveness of a UCC-1 financing statement beyond its initial 5-year effective period, a secured party must file a Continuation. A Continuation extends the life of the financing statement for an additional five years.Each Continuation must identify, by its file number, the UCC-1 to which it relates.

Section 9-503 of the UCC provides various, more specific rules regarding the sufficiency of a debtor's name on a financing statement.However, unlike with a security agreement, on a financing statement it is acceptable to use a supergeneric description of collateral.

Maine UCC3 Financing Statement Amendment Additional Party

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FAQ

What does UCC termination mean?

What is the purpose of a UCC financing statement?

What does UCC 3 termination mean?

Who can terminate a UCC financing statement?

How do I terminate a UCC financing statement?

Who can file UCC termination?

What is a UCC-3 Termination Statement?

Can you continue a terminated UCC?

Is a UCC financing statement a security agreement?

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