The South Carolina UCC-5 Correction Statement is a document used to correct any errors in a previously filed UCC-1 Financing Statement. The South Carolina UCC-5 Correction Statement is filed with the South Carolina Secretary of State. The South Carolina UCC-5 Correction Statement is used to correct any errors in the name of the debtor, the name of the secured party, or the description of the collateral. It can also be used to add or remove collateral, or to indicate an amendment or termination of the UCC-1 Financing Statement. There are two types of South Carolina UCC-5 Correction Statement. The first is a “Continuation” statement, which is used to correct or supplement an existing UCC-1 Financing Statement. The second is an “Amendment” statement, which is used to amend or terminate an existing UCC-1 Financing Statement.
South Carolina UCC-5 Correction Statement
Description
How to fill out South Carolina UCC-5 Correction Statement?
US Legal Forms is the most simple and profitable way to find appropriate legal templates. It’s the most extensive web-based library of business and personal legal paperwork drafted and checked by legal professionals. Here, you can find printable and fillable blanks that comply with national and local regulations - just like your South Carolina UCC-5 Correction Statement.
Obtaining your template requires only a few simple steps. Users that already have an account with a valid subscription only need to log in to the website and download the document on their device. Afterwards, they can find it in their profile in the My Forms tab.
And here’s how you can obtain a professionally drafted South Carolina UCC-5 Correction Statement if you are using US Legal Forms for the first time:
- Read the form description or preview the document to ensure you’ve found the one corresponding to your demands, or find another one utilizing the search tab above.
- Click Buy now when you’re certain about its compatibility with all the requirements, and select the subscription plan you like most.
- Register for an account with our service, log in, and purchase your subscription using PayPal or you credit card.
- Select the preferred file format for your South Carolina UCC-5 Correction Statement and save it on your device with the appropriate button.
Once you save a template, you can reaccess it at any time - simply find it in your profile, re-download it for printing and manual completion or upload it to an online editor to fill it out and sign more effectively.
Take advantage of US Legal Forms, your trustworthy assistant in obtaining the corresponding formal paperwork. Try it out!
Form popularity
FAQ
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.
3 is used as a way to amend that original lien filing and do things like terminate the UCC, edit any of the details of the lien, or assign your interests to another secured party for the lien.
From our example, the UCC-1 filing can remain in place even when the debt is paid off. 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.
It's possible to avoid a UCC filing by taking out an unsecured business loan rather than a secured one. For example, many online and alternative lenders offer unsecured loans, and you can get an SBA 7(a) loan of up to $25,000 without collateral.
You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.
Suppose you discover an outdated UCC filing on your credit reports which have already been released. In that case, you can dispute the mistake and ask the business credit reporting agencies to remove it from your reports. Keep in mind, however, that no federal law requires them to do so.
Visit your secretary of state's office. 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.