South Carolina UCC3 Financing Statement Amendment
Definition and meaning
The South Carolina UCC3 Financing Statement Amendment is a legal form used to amend an existing UCC financing statement. It is designed to modify information related to secured transactions, which may include updating debtor or secured party details, changing collateral descriptions, or terminating a security interest. This form is crucial for parties involved in transactions where a creditor holds a security interest over a debtor’s assets, ensuring that the public record accurately reflects current agreements.
How to complete a form
Completing the South Carolina UCC3 Financing Statement Amendment requires attention to detail. Here are key steps:
- Start by entering the initial financing statement file number accurately in item 1a.
- Fill in the name and address of any contacts if desired in item A.
- Indicate whether you are terminating, continuing, assigning, or amending information about the debtor or secured party in section 2, 3, 4, or 5.
- Provide details about current record information in item 6 and new debtor information in item 7.
- Clarify any changes regarding collateral in item 8, being specific about additions or deletions.
- Lastly, ensure the form is signed by the appropriate party before submission.
Who should use this form
The South Carolina UCC3 Financing Statement Amendment should be used by individuals or entities involved in secured transactions where changes to the original UCC financing statement are needed. Typically, this includes:
- Secured parties wishing to update their contact information.
- Debtors who need to amend their business name or other identifying details.
- Individuals or organizations transferring a security interest to another party.
- Those wishing to add or remove collateral from the financing statement.
Key components of the form
The form consists of several important sections, each designated for specific types of amendments:
- Item 1a: Initial financing statement file number.
- Item 2: Option to terminate the effectiveness of the financing statement.
- Item 3: Continuation of secured interest.
- Item 4: Assignment details if the security interest is being transferred.
- Item 5: Indicates if the amendment affects a debtor or secured party.
- Items 6-9: Current and new record information along with collateral description.
Form popularity
FAQ
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).
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.
To assign (1) some or all of Assignor's right to amend the identified financing statement, or (2) the Assignor's right to amend the identified financing statement with respect to some (but not all) of the collateral covered by the identified financing statement: Check box in item 3 and enter name of Assignee in item 7a
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).
After receiving your request, the lender has 20 days to terminate the UCC filing.
If you're approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.
Form UCC3 is used to amend (make changes to) a UCC1 filing.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. Box 3 Continuation A UCC1 filing is good for five years.
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.
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.