Tennessee UCC3: Financing Statement Amendment is a legal document used to change or supplement an existing Uniform Commercial Code (UCC) financing statement filed in the state of Tennessee. This document is used to modify a previously filed UCC financing statement to indicate changes to the secured party's interest in a debtor's personal property. The Tennessee UCC3: Financing Statement Amendment can be used to add, delete, or change information related to the original UCC financing statement, including the name and address of the secured party, the debtor, or the collateral. There are two types of Tennessee UCC3: Financing Statement Amendment: (1) Continuation Statement Amendment and (2) Termination Statement Amendment. A Continuation Statement Amendment is used to extend the time period of the original UCC financing statement. A Termination Statement Amendment is used to end the UCC financing statement's effectiveness.
Tennessee UCC3: Financing Statement Amendment
Description
How to fill out Tennessee UCC3: Financing Statement Amendment?
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FAQ
UCC-3 party amendments: A UCC-3 amendment is a type of filing used to change or add critical information about the debtor or the secured party. For example, they can be used to change the name or the address.
For UCC and EFS, a termination creates a public record that a loan was repaid, a lien was removed, or some other obligation was met. The records will remain in our system until two years after they lapse.
UCC Release means one or more releases on form UCC-3, pursuant to which the Collateral is released from the Lien in favor of the Term Loan Agent for the benefit of the secured parties under or in respect of the Term Loan Agreement.
First, the debtor must send an authenticated demand to the secured party. The demand should be sent to the name/address of the secured party as indicated on the financing statement. 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.
What is a UCC Cooperative Addendum/UCC Addendum form: A filed UCC Cooperative Addendum form contains the names of the debtor, the secured party or its representatives, and the cooperative. It also holds information such as the property's address and the file number of the Initial UCC-1.
1 financing statement will automatically expire five years after the date of its filing 2.
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.
In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.