The Pennsylvania UCC3AP Financing Statement Amendment Additional Party (National) is a document that is used to add a party to a UCC3AP Financing Statement. This document is used when an additional party is needed to add or release a security interest on the financing statement and is filed with the Pennsylvania Secretary of State. There are two types of Additional Party Amendments: an Additional Debtor Amendment, which adds a debtor to the financing statement, and an Additional Secured Party Amendment, which adds a secured party to the financing statement. Both of these are filed in the National UCC Database.
Pennsylvania UCC3AP Financing Statement Amendment Additional Party (National)
State:
Pennsylvania
Control #:
PA-SKU-0230
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PDF
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UCC3AP Financing Statement Amendment Additional Party (National)
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FAQ
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 Subordination Agreement is a legal document that confirms that a debt is higher in rank (takes precedence) over another debt. This means that, if the debt is unpaid and the assets of the debtor are sold to paid the debt, the debt with a higher priority is paid first.
Pennsylvania became the first state to adopt the UCC in 1953, and every other state followed suit over the next twenty years.
To do so you will generally need to make a trip in person down to your secretary of state's office. Once there, you will be able to swear under oath that you've satisfied the debt in full and wish to request for the UCC-1 filing to be removed.
A UCC 3 Subordination is a form used when more than one lender has an interest in the same collateral. In this situation, a subordination agreement should be signed in order to establish the order in which the lenders will be refunded the money.
Assignment When a secured party needs to assign or transfer all or a portion of its rights to the collateral listed in a UCC-1 financing statement. It is considered an alteration of the previous filing.
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.
Now, for example, let's say you want to take a second mortgage with Bank#2. Bank#2 will search the Secretary of State records and find that Bank#1 has already lent you money. Bank#2 will not get its money back until Bank#1 has been paid in full so its interest is referred to as "subordinated".