North Carolina UCC3 Financing Statement Amendment
Description
Key Concepts & Definitions
A North Carolina UCC3 Financing Statement Amendment is a legal form used to amend a previously filed UCC1 financing statement. The UCC1 form is initially utilized to declare a secured party's interest in the debtor's collateral. Amendments made through the UCC3 can include changes to debtor information, secured party information, or the collateral description, as well as actions like continuation, assignment, or termination of the statement.
Step-by-Step Guide
- Identify the Original UCC1 Statement: Verify the initial financing statement that needs amendment.
- Complete the UCC3 Form: Fill pertinent sections of the UCC3 form regarding the amendments required.
- Review for Accuracy: Double-check the information for accuracy to avoid any legal discrepancies.
- Submit the Form: File the completed form with the appropriate North Carolina state agency either online, by mail, or in person.
- Record Confirmation: Ensure you receive a confirmation that your amendment has been recorded and accepted.
Risk Analysis
Amending a financing statement inaccurately can lead to legal disputes or loss of secured status. Risks include:
- Incorrect Information: Leads to a potential misunderstanding or misrepresentation of the security interest.
- Lapses in Filing: Timing issues may jeopardize the continued perfection of the security interest.
- Non-Compliance with State Law: Each error could potentially lead to fines or legal non-compliance.
Key Takeaways
Proper handling of the North Carolina UCC3 Financing Statement Amendment is crucial for maintaining the accuracy and legality of any changes to a UCC1 financing statement. This ensures that all parties involved uphold their legal rights and responsibilities accurately.
How to fill out North Carolina UCC3 Financing Statement Amendment?
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FAQ
You should file a UCC-1 Financing Statement with the secretary of state's office in the state where the debtor is incorporated or located. If the collateral is real property, then you should also file a UCC-1 with the county recorder's office in the county where the debtor's real property is located.
To assign (1) some or all of Assignor's right to amend the identified financing statement, or (2) the Assignor's right to amend the identified financing statement with respect to some (but not all) of the collateral covered by the identified financing statement: Check box in item 3 and enter name of Assignee in item 7a
Assignment When a secured party needs to assign or transfer all or a portion of its rights to the collateral listed in a UCC-1 financing statement. It is considered an alteration of the previous filing.
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.
A UCC filing is a legal notice a lender files with the secretary of state when they have a security interest against one of your assets. It gives notice that the lender has an interest, or lien, against the asset being used by you to secure the financing. The term UCC filing comes from the uniform commercial code.
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).
In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.
