[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Secured Party Name] [Secured Party Address] [City, State, ZIP] Re: UCC-3 Termination Statement for [Debtor Name] Dear [Secured Party Name], I am writing to provide a formal request for the preparation and execution of a UCC-3 Termination Statement for the State of New Jersey, in relation to the termination of any and all security interests held by your organization over the assets of [Debtor Name]. As per the Uniform Commercial Code (UCC) Section 9 of the New Jersey Revised Statutes, a termination statement must be filed with the appropriate filing office to release any security interests that were previously filed. This statement officially declares that your organization no longer holds any security interests on the specified assets and allows potential creditors to be aware of the updated status of the debtor's collateral. The following details should be included in the UCC-3 Termination Statement: 1. Debtor Information: Debtor's Legal Name: [Debtor Name] Debtor's Address: [Debtor Address] 2. Secured Party Information: Secured Party's Legal Name: [Secured Party Name] Secured Party's Address: [Secured Party Address] 3. Collateral Description: Description of the collateral or specific assets that were originally covered by the security interest, such as inventory, equipment, accounts receivable, or any other tangible or intangible property. 4. UCC Filing Information: Provide the original UCC filing number and the original filing date to identify the initial security agreement that is being terminated. 5. Termination Language: Clearly state the intent to terminate any and all security interests to ensure there is no confusion or ambiguity regarding the release of the security agreement. Please note that the UCC-3 Termination Statement should be properly executed, signed, and notarized before submission to the New Jersey Secretary of State's office or any other appropriate filing office. Kindly refer to the New Jersey Secretary of State's website or contact their office for the necessary filing procedures, fees applicable, and any specific requirements that may be required. Should you require any further information or need my assistance in completing this request, please do not hesitate to contact me at [Phone Number] or via email at [Email Address]. Thank you for your prompt attention to this matter, and I look forward to receiving the completed UCC-3 Termination Statement at your earliest convenience. Sincerely, [Your Name]
New Jersey Sample Letter for UCC-3 Termination Statement
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How to fill out New Jersey Sample Letter For UCC-3 Termination Statement?
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What is the cost to search and file UCC documents? ServiceStatutory FeePortal Admin FeeUCC-3$25.00 per filing$5.00Certified Search Certificate and Photo Copies$25.00 per certificate, $1.00 per page$5.00Relative-to-Filing Certificate$1.00 per filing$.20Status Report$5.00 per report, $1.00 per page$1.00, $0.20 per page3 more rows
However, you may extend a UCC-1 filing before the end of the five-year period. You have the opportunity to file a continuation statement. You must file this continuation statement within six months before the initial filing's lapse date or expiration.
A UCC financing statement ? also called a UCC-1 financing statement or a UCC-1 filing ? is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.
In New Jersey, State-licensed, municipally employed code enforcement professionals- construction officials, subcode officials, and inspectors--are responsible for the enforcement of the UCC.
First, the debtor must send an authenticated demand to the secured party. The demand should be sent to the name/address of the secured party as indicated on the financing statement. 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.
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.
The UCC system gives public notice of the debtor-secured party relationship and the collateral involved. To record this relationship, you will file a UCC Financing Statement (Form UCC-1). If the conditions change, you may amend the initial filing statement by submitting Form UCC-3.
To add, edit or delete a debtor, secured party and/or collateral, you can file an Amendment online. Go to the UCC Home Page at .njportal.com/UCC and select the link "Amendment (UCC-3)". Enter the filing number to pull up the information and then you can make a change to the debtor, secured party and/or collateral.
