An Oregon UCC-3 Financing Statement Amendment is a legal document used to amend or modify an existing UCC-1 Financial Statement. This type of amendment is required in the state of Oregon and is used to add, delete, or change the debtor or secured party information on the original financing statement. It must include the original UCC-1 filing information and be signed by both the debtor and the secured party. There are four types of Oregon UCC-3 Financing Statement Amendment: 1) Addendum: used to add additional information to an existing UCC-1 filing. 2) Continuation: used to extend the effective period of an existing UCC-1 filing. 3) Termination: used to terminate an existing UCC-1 filing. 4) Amendment: used to modify an existing UCC-1 filing.
Oregon UCC-3 Financing Statement Amendment
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How to fill out Oregon UCC-3 Financing Statement Amendment?
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FAQ
How long does a UCC filing last? A UCC-1 filing is good for five years. After five years, it is considered lapsed and no longer valid. Should your debtor remain in debt to you and encounter financial difficulty or file for bankruptcy, you have no secured interest if your UCC-1 filing has lapsed.
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.
Generally, the debtor must first make a formal (or authenticated) demand to the secured party of record to terminate the UCC-1. This process involves sending a signed written request to the secured party of record demanding for said party to file a UCC-3 termination statement.
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.
A UCC Cooperative Addendum is an additional document to a UCC-1 (Initial Financing Statement) which needs to be filled out when corrections have to be made to an UCC1 Cooperative.
For UCC and EFS, a termination creates a public record that a loan was repaid, a lien was removed, or some other obligation was met. The records will remain in our system until two years after they lapse.
It's possible to avoid a UCC filing by taking out an unsecured business loan rather than a secured one. For example, many online and alternative lenders offer unsecured loans, and you can get an SBA 7(a) loan of up to $25,000 without collateral.
Ask the lender to terminate the lien upon payoff. A good rule of thumb is to request that your lender file a UCC-3 form with your secretary of state as soon as possible after you pay off your loan. The UCC-3 will terminate the lien on your company's assets (or assets) and remove the UCC-1 filing.