UCC3 - Financing Statement Amendment - Nebraska - For use after July 1, 2001. This amendment is to be filed in the real estate records. This Financing Statement complies with all applicable state statutes.
Nebraska UCC3 Financing Statement Amendment
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Description
Definition and meaning
The Nebraska UCC3 Financing Statement Amendment is a legal document used to modify or update an existing financing statement that is on file. This form is part of the Uniform Commercial Code (UCC) guidelines governing secured transactions, indicating changes related to secured parties, debtors, or collateral.
How to complete a form
When filling out the Nebraska UCC3 Financing Statement Amendment, follow these steps carefully:
- Initial Financing Statement File Number: Enter the file number of the original financing statement you are amending.
- Filer Information: Optionally include your name, email, and mailing address for acknowledgment purposes.
- Indicate the Purpose: Check the appropriate box to specify whether you are terminating, assigning, or continuing the effectiveness of the original financing statement.
- Party Information Changes: If you are changing party details, select whether it pertains to the debtor or the secured party and provide the necessary new information.
- Collateral Changes: If necessary, indicate whether you are adding, deleting, or restating collateral information.
- Authorize the Amendment: Fill in the name of the authorizing party who grants permission for this amendment.
- Optional Reference: Use the last section to note any additional information that may assist with your filing.
Who should use this form
The Nebraska UCC3 Financing Statement Amendment should be used by individuals or organizations that have previously filed a UCC1 Financing Statement and need to make updates. This includes secured parties, debtors, or their legal representatives who are conducting changes in collateral or party details.
Key components of the form
The essential components of the Nebraska UCC3 Financing Statement Amendment include:
- Filer Information: Contact information of the person or entity filing the amendment.
- File Number: The file number associated with the original financing statement.
- Purpose of the Amendment: Options for termination, assignment, or continuation of a financing statement.
- Party Information: Sections to modify, add, or delete names and addresses of parties involved.
- Collateral Information: Fields to adjust details regarding collateral, such as additions or deletions.
- Authorizing Party: Name of the individual or organization authorizing the amendment.
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FAQ
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.
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.
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 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.
After receiving your request, the lender has 20 days to terminate the UCC filing.
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.
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.