Oregon UCC Financing Statement Amendment
About this form
The UCC Financing Statement Amendment is a legal document used to modify an existing financing statement. This form allows filers to update relevant information regarding a secured party or debtor, add or delete collateral descriptions, and extend the effectiveness of a financing statement. Unlike the initial financing statement, this amendment specifically addresses changes and is filed in real estate records, ensuring that the necessary adjustments are recognized legally and publicly.
What’s included in this form
- Contact Information: Includes fields for the name and phone number of the contact at the filer.
- Acknowledgment Address: Specifies where the acknowledgment of filing should be sent.
- Termination and Continuation: Options to terminate or continue the effectiveness of the financing statement.
- Assignment Information: Details to provide the name and address of any assignees involved.
- Amendment Details: Sections for changing or adding information regarding the debtor or secured party.
- Collateral Changes: Options to describe collateral being added or deleted.
Common use cases
This form should be used when there is a need to amend an existing UCC financing statement. Common scenarios include updating the name or address of a debtor or secured party, adding or removing collateral, or extending the time period for the financing statementâs effectiveness. If your initial financing statement needs modifications, this amendment is essential to maintaining accurate records and protecting secured interests.
Who should use this form
- Debtors looking to update their information on a financing statement.
- Secured parties who need to modify the collateral details associated with a financing statement.
- Businesses and individuals involved in secured transactions who require a legal amendment to existing filings.
- Attorneys or legal professionals assisting clients in managing secured transactions.
How to prepare this document
- Identify the parties involved, including the debtor and secured party.
- Specify the financing statement file number to which this amendment pertains.
- Complete the fields for any updates to the names, addresses, or collateral details.
- Check the appropriate boxes for termination, continuation, or amendment actions based on your needs.
- Provide any necessary contact information for acknowledgment of the filing.
Is notarization required?
This form does not typically require notarization unless specified by local law. It's advisable to check your stateâs regulations to ensure compliance with any additional requirements.
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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
- Neglecting to provide the correct financing statement file number.
- Failing to check the appropriate boxes for the type of amendment being requested.
- Omitting required contact information for acknowledgment.
- Not understanding the collateral changes being made or failing to describe them accurately.
Why use this form online
- Convenient access to legal forms that can be downloaded and completed from anywhere.
- Editability to customize the form according to your specific needs before printing.
- Reliability, knowing the templates are drafted by licensed attorneys and compliant with current laws.
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FAQ
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.
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.
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.
If you're approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.
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).
Form UCC3 is used to amend (make changes to) a UCC1 filing.However, it is important to note that for a UCC1 filing a termination is only an amendment and that the UCC1 filing may be amended further, even after a termination has been filed. Box 3 Continuation A UCC1 filing is good for five years.
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.
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
