North Dakota UCC3 Financing Statement Amendment
Overview of this form
The North Dakota UCC3 Financing Statement Amendment is a legal document used to modify or update an existing UCC1 financing statement. This amendment allows authorized parties to change, add, or delete debtor or secured party information, ensuring that the record remains current and valid. Unlike a new financing statement, which requires filing a UCC1 form, the UCC3 amendment is specifically for making adjustments to existing records without starting anew.
Key components of this form
- File number: Indicates the unique identifier of the initial financing statement.
- Debtor information: Current and new names or addresses for debtors or secured parties.
- Amendment purpose: Options to change information, assign interests, delete parties, or modify collateral.
- Acknowledgment request: Option to receive a confirmation copy of the amendment filing.
- Secured party information: Name of the party authorizing the amendment.
Common use cases
This form is essential when you need to update the details of an existing financing statement in North Dakota. Common scenarios include changing the name or address of a debtor or secured party, adding a new party, or deleting a previous party. The amendment ensures that the public record accurately reflects the current financial obligations and relationships between the involved parties.
Who should use this form
- Debtors seeking to update their information in a financing statement.
- Secured parties who need to modify or correct existing records.
- Attorneys representing clients in securing interests in collateral.
- Anyone involved in transactions requiring updates to previously filed UCC records.
How to complete this form
- Identify the file number of the original financing statement to which this amendment relates.
- Mark the appropriate boxes to indicate whether you are changing, adding, or deleting information.
- Provide current and new names, addresses, or collateral information as required.
- Complete any additional fields to clarify the nature of the amendment.
- Submit the form to the filing office along with the required fee.
Is notarization required?
This form does not typically require notarization unless specified by local law. However, it is advisable to consult with a legal professional or refer to specific filing requirements to ensure compliance with all local regulations.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Filing under the wrong file number.
- Failing to sign the form where required.
- Omitting required information or documentation.
- Using the incorrect format for names or addresses.
Why complete this form online
- Convenience of filing from any location at any time.
- Edit and review the document before submission to minimize errors.
- Secure storage of completed forms for your records.
- Access to templates created by licensed attorneys for accuracy.
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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-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.
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).
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.
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.
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.
After receiving your request, the lender has 20 days to terminate the UCC filing.
