Rhode Island UCC1 Financing Statement Addendum
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How to fill out Rhode Island UCC1 Financing Statement Addendum?
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FAQ
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.
Rules vary by State around releasing a UCC lien after a borrower satisfied the debt. Primarily there are two main ways to remove them. One way is by having the lender file a UCC-3 Financing Statement Amendment. Another way to remove a UCC filing is by swearing an oath of full payment at the secretary of state office.
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-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
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.
When is a UCC-1 Filed? UCC-1 filings typically happen when a loan is first originated. If the borrower has loans from more than one lender, the first lender to file the UCC-1 is first in line for the borrower's assets. This motivates lenders to file a UCC-1 as soon as a loan is made.
Also known as a UCC-3, and, depending on the context, a UCC-3 financing statement amendment, a UCC-3 termination statement, and a UCC-3 continuation statement. Under the Uniform Commercial Code, a UCC-3 is used to continue, assign, terminate, or amend an existing UCC-1 financing statement (UCC-1).
After receiving your request, the lender has 20 days to terminate the UCC filing.
A UCC1 financing statement is effective for a period of five years. A record that is not continued before its lapse date will cease to be effective, costing the secured party their perfected status and perhaps their priority position to collect. Once a financing statement has lapsed, it cannot be revived.