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Pennsylvania UCC3 Financing Statement Amendment Additional Party

Pennsylvania UCC3 Financing Statement Amendment Additional Party

Name: Pennsylvania UCC3 Financing Statement Amendment Additional Party
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.64 (380 reviews)

Category:

Pennsylvania Contracts - Uniform Commercial Code

State:

Pennsylvania

Control #:

PA-UCC3-AP

Format:

Instant download

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Description

Financing Statement Amendment Additional Party form for adding additional Debtors or Secured Parties to Financing Statement Amendment (Form UCC3) filed with the Pennsylvania filing office.

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How to fill out Pennsylvania UCC3 Financing Statement Amendment Additional Party?

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FAQ

When the debtor has satisfied all amounts owed to the lender, a UCC-3 termination statement (now called a UCC termination statement) is routinely filed to terminate the security interest perfected by the UCC-1 financing statement.

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.

Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address.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.

To continue the effectiveness of a UCC-1 financing statement beyond its initial 5-year effective period, a secured party must file a Continuation. A Continuation extends the life of the financing statement for an additional five years.Each Continuation must identify, by its file number, the UCC-1 to which it relates.

Section 9-503 of the UCC provides various, more specific rules regarding the sufficiency of a debtor's name on a financing statement.However, unlike with a security agreement, on a financing statement it is acceptable to use a supergeneric description of collateral.

Filer Information. Name and phone number of contact at filer. Email contact at filer. Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.

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.

It should be noted that UCC financing statements filed now generally do not contain a grant of the security interest and generally are not signed or otherwise authenticated by the Debtor and therefore would not satisfy the requirement of a security agreement.

UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.

Pennsylvania UCC3 Financing Statement Amendment Additional Party

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How to fill out Pennsylvania UCC3 Financing Statement Amendment Additional Party?

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FAQ

What does UCC 3 termination mean?

What is a UCC-3 Termination Statement?

What is a UCC 3 form?

Can you continue a terminated UCC?

Is a UCC financing statement a security agreement?

How do I fill out a UCC financing statement?

Who can terminate a UCC financing statement?

Can you file a UCC 1 without a security agreement?

Does a UCC financing statement need to be signed?

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