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Oregon UCC-3Ad Financing Statement Amendment Addendum

Oregon UCC-3Ad Financing Statement Amendment Addendum

Name: Oregon UCC-3Ad Financing Statement Amendment Addendum
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.59 (452 reviews)

Category:

Oregon Secretary of State - Uniform Commercial Code

State:

Oregon

Control #:

OR-SKU-1073

Format:

Instant download

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Description

UCC-3Ad Financing Statement Amendment Addendum Oregon UCC-3Ad Financing Statement Amendment Addendum is a document used to amend a Uniform Commercial Code (UCC) Financing Statement in the State of Oregon. This addendum is used to modify an existing financing statement in order to update the information contained within it. The amendment addendum can be used to change the debtor's name and address, the secured party's name and address, the description of the collateral, the expiration date of the financing statement, and other details. There are two types of Oregon UCC-3Ad Financing Statement Amendment Addendum: an “Amendment” and a “Continuation”, both of which are used to modify existing financing statements. The Amendment is used to make changes to an existing financing statement, while the Continuation is used to extend the duration of an existing financing statement.

Oregon UCC-3Ad Financing Statement Amendment Addendum is a document used to amend a Uniform Commercial Code (UCC) Financing Statement in the State of Oregon. This addendum is used to modify an existing financing statement in order to update the information contained within it. The amendment addendum can be used to change the debtor's name and address, the secured party's name and address, the description of the collateral, the expiration date of the financing statement, and other details. There are two types of Oregon UCC-3Ad Financing Statement Amendment Addendum: an “Amendment” and a “Continuation”, both of which are used to modify existing financing statements. The Amendment is used to make changes to an existing financing statement, while the Continuation is used to extend the duration of an existing financing statement.

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FAQ

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.

When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.

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.

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.

Essentially, a UCC-1 can be described as a financing statement. In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property.

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.

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.

A UCC3 is a change statement to a UCC1. It's an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It's a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.

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If this Amendment (Form UCC3) is to be filed in the real estate records, complete the required information. (items 15, 16, and 17).Complete item 13 in accordance with instructions on Amendment Addendum (Form UCC3Ad). Enter information exactly as given in item 9 on Amendment form. 13. Filer: attach Amendment Addendum (Form UCC3Ad) and provide Debtor's name in item 13. A blank form follows these instructions. The UCC3 Financing Statement Amendment Addendum must be filed in conjunction with a UCC3 Financing. Complete ITEM C of the filing form to include a valid email address. This form can be filled out on your computer and then printed. Online Filing is available.

Oregon UCC-3Ad Financing Statement Amendment Addendum

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