Title: Understanding Oregon UCC-3 Termination Statement: Sample Letter and Types Explained Introduction: In Oregon, the UCC-3 termination statement is a vital legal document used to terminate a previously filed Uniform Commercial Code (UCC) financing statement. This comprehensive guide aims to provide a detailed description of what an Oregon UCC-3 termination statement is, its purpose, and provide examples of sample letters. We will also explore any variations or types of termination statements that exist in this context. What is an Oregon UCC-3 Termination Statement? An Oregon UCC-3 termination statement is an official document that legally terminates a UCC-1 financing statement that was previously filed with the Oregon Secretary of State. It provides notice to interested parties that the secured party no longer claims an interest in the collateral stated in the original financing statement. Purpose of an Oregon UCC-3 Termination Statement: The primary purpose of an Oregon UCC-3 termination statement is to remove the filed financing statement from public record once the secured party no longer asserts a security interest in the collateral. This termination statement ensures transparency in commercial transactions, releases the collateral from encumbrances, and prevents any potential disputes in the future. Sample Letter for an Oregon UCC-3 Termination Statement: [Your Name] [Your Address] [City, State, Zip Code] [Date] [Secretary of State's Office] [Corporation Division] [Address] [City, State, Zip Code] Subject: UCC-3 Termination Statement Dear [Secretary of State's Office], I, [Your Name], am I submitting this UCC-3 Termination Statement to formally terminate the UCC-1 financing statement originally filed on [Filing Date]. Please find the details below for your records: Debtor Information: — Name of Debtor: [Debtor's Full Legal Name] — Debtor's Address: [Debtor's Full Address] Secured Party Information: — Name of Secured Party: [Secured Party's Full Legal Name] — Secured Party's Address: [Secured Party's Full Address] Collateral Description (as stated in the original financing statement): — [Description of Collateral] Filing Information: — Individual or Organization Filing: [Select appropriate option] — Filing Number: [UCC-1 Filing Number— - Filing Date: [Original Filing Date] Certification: I hereby certify, under penalty of perjury, that I am the secured party or an authorized agent thereof, and that the information provided above is true and accurate to the best of my knowledge. Please process this UCC-3 termination statement promptly and provide confirmation of its acceptance. Thank you for your attention to this matter. Sincerely, [Your Name] [Your Contact Number] [Your Email Address] Types of Oregon UCC-3 Termination Statements: The different types of UCC-3 termination statements in Oregon may include: 1. Full Release: Terminating all security interests between the debtor and secured party. 2. Partial Release: Terminating specific security interests related to particular collateral. 3. Amendment: Modifying the original financing statement, including changes to collateral description, debtor or secured party information. 4. Assignments: Transferring a security interest from one secured party to another. Conclusion: Understanding and correctly completing an Oregon UCC-3 termination statement is crucial for securing smooth and transparent financial transactions. This guide has provided you with a detailed description of what an Oregon UCC-3 termination statement is, highlighted its purpose, offered a sample letter for reference, and presented different types of termination statements that may arise in this context. Use this information to navigate the process confidently, ensuring compliance with Oregon's UCC regulations.
Oregon Sample Letter for UCC-3 Termination Statement
Description
How to fill out Oregon Sample Letter For UCC-3 Termination Statement?
US Legal Forms - one of many greatest libraries of lawful kinds in the States - provides a variety of lawful document templates you may obtain or produce. Utilizing the web site, you can get a large number of kinds for enterprise and individual uses, sorted by groups, claims, or keywords and phrases.You will find the newest versions of kinds such as the Oregon Sample Letter for UCC-3 Termination Statement in seconds.
If you already have a monthly subscription, log in and obtain Oregon Sample Letter for UCC-3 Termination Statement from the US Legal Forms local library. The Down load button will appear on every single type you view. You have accessibility to all earlier delivered electronically kinds from the My Forms tab of the bank account.
If you would like use US Legal Forms initially, listed here are basic recommendations to help you get began:
- Ensure you have picked out the proper type for your personal metropolis/area. Go through the Preview button to check the form`s articles. Browse the type information to actually have selected the correct type.
- When the type does not satisfy your requirements, make use of the Research area on top of the monitor to discover the one which does.
- When you are pleased with the shape, verify your decision by clicking the Get now button. Then, select the costs strategy you want and provide your references to sign up for the bank account.
- Method the purchase. Make use of Visa or Mastercard or PayPal bank account to accomplish the purchase.
- Pick the structure and obtain the shape in your device.
- Make changes. Fill out, edit and produce and indicator the delivered electronically Oregon Sample Letter for UCC-3 Termination Statement.
Each template you put into your account does not have an expiry particular date and it is yours forever. So, if you would like obtain or produce yet another duplicate, just proceed to the My Forms area and click in the type you want.
Get access to the Oregon Sample Letter for UCC-3 Termination Statement with US Legal Forms, the most comprehensive local library of lawful document templates. Use a large number of skilled and state-distinct templates that satisfy your company or individual requirements and requirements.
Form popularity
FAQ
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.
UCC Financing Statement (usually called a UCC-1 Form) is a form that creditors file with states in which they have a security interest in a debtor's personal property.
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.
Methods to Remove a UCC Filing Ask the lender to terminate the lien upon payoff. Visit your secretary of state's office. Dispute inaccurate information on your business credit reports.
In general, a UCC filing is not bad for your business ? it simply serves as an official notice to other creditors that your lender has a security interest in one or all of your assets. However, UCC filings can impact your business credit, risk your company's assets and/or hinder your ability to get future financing.
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.
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.
Fill in the debtor's name and mailing address. It may be an individual, or it may be in the name of a business or organization. If the loan is in the name of the business, include the business mailing address. There is space for additional debtors. Include them exactly as they appeared on the loan agreement.
