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Michigan UCC3 Financing Statement Amendment Addendum

Michigan UCC3 Financing Statement Amendment Addendum

Name: Michigan UCC3 Financing Statement Amendment Addendum
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.88 (272 reviews)

Category:

Michigan Secretary of State - Uniform Commercial Code

State:

Michigan

Control #:

MI-UCC3-A

Format:

Instant download

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Description

UCC3 - Financing Statement Amendment Addendum - Michigan - For use after July 1, 2001. This form is to be used as an addendum to the financing statement amendment. This form is to be filed in the real estate records.

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FAQ

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-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).

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.

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.

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.

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).

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.

Michigan UCC3 Financing Statement Amendment Addendum

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FAQ

Who can file UCC termination?

How do I terminate a UCC financing statement?

What is a UCC Financing Statement amendment?

Is a UCC financing statement a security agreement?

What is a UCC 3 Termination Statement?

What does UCC termination mean?

What is a UCC 3 amendment?

Do UCC financing statements expire?

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