South Carolina UCC Financing Statement Amendment is a document used by the South Carolina Secretary of State to amend a secured party's existing UCC Financing Statement. This document is used to update, correct, or supplement information related to the debtor's name, address, or the secured party's name, address, or other information. There are two types of South Carolina UCC Financing Statement Amendment: Amendment and Continuation. An Amendment is used to change information already on the original UCC Financing Statement, while a Continuation is used to extend the life of the UCC Financing Statement. Both types of Amendment must be accompanied by a copy of the original UCC Financing Statement.
South Carolina UCC Financing Statement Amendment
State:
South Carolina
Control #:
SC-SKU-0586
Format:
PDF
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UCC Financing Statement Amendment
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FAQ
The UCC's general rule is that a financing statement remains valid for a period of five years from the date of filing. Unless a continuation statement is properly filed before expiration of the five year period, the effectiveness of the financing statement will lapse.
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.
How long does a UCC filing last? A UCC-1 filing is good for five years. After five years, it is considered lapsed and no longer valid. Should your debtor remain in debt to you and encounter financial difficulty or file for bankruptcy, you have no secured interest if your UCC-1 filing has lapsed.
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.
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.
UCC - Frequently Asked Questions - UCC-1 and UCC-3. Most filings last for five (5) years from the date of filing. Filings for a debtor that is a transmitting utility have no expiration date.
A UCC financing statement ? also called a UCC-1 financing statement or a UCC-1 filing ? is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.
Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address. (Recommended for return copy of the filing.)