Nebraska UCC Financing Statement Amendment is a document used to modify an existing UCC Financing Statement in the state of Nebraska. This document is typically used when a change needs to be made to the borrower, lender, or collateral listed on a UCC Financing Statement, such as when the debtor has been changed or the collateral has been increased. This document must be signed and notarized before it can be submitted to the Nebraska Secretary of State's Office for filing. There are two types of Nebraska UCC Financing Statement Amendment: Addendum and Amendment by Substitution. An Addendum is used to add additional information to an existing Financing Statement, such as additional collateral or a change in the borrower's name. An Amendment by Substitution is used to completely replace an existing Financing Statement with a new one, such as when a new lender is taking over the existing loan.
Nebraska UCC Financing Statement Amendment
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How to fill out Nebraska UCC Financing Statement Amendment?
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FAQ
UCC-3 is an amendment or ?continuation statement? that the owner files to renew the UCC-1 for another 5-year period. Unless a continuation statement is filed before the expiration of the UCC-1's 5-year period, the owner must file a new UCC-1.
What is a UCC Cooperative Addendum/UCC Addendum form: A filed UCC Cooperative Addendum form contains the names of the debtor, the secured party or its representatives, and the cooperative. It also holds information such as the property's address and the file number of the Initial UCC-1.
A UCC 3 Subordination is a form used when more than one lender has an interest in the same collateral. In this situation, a subordination agreement should be signed in order to establish the order in which the lenders will be refunded the money.
UCC-3 party amendments: A UCC-3 amendment is a type of filing used to change or add critical information about the debtor or the secured party. For example, they can be used to change the name or the address.
In these situations, you can file a UCC-3 termination yourself with your secretary of state. You must swear under oath that you've satisfied the debt in full and complete the UCC termination form.
Now, for example, let's say you want to take a second mortgage with Bank#2. Bank#2 will search the Secretary of State records and find that Bank#1 has already lent you money. Bank#2 will not get its money back until Bank#1 has been paid in full so its interest is referred to as "subordinated".
Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address. (Recommended for return copy of the filing.)
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.