Tennessee UCC3Ad: Financing Statement Amendment Addendum is a document used to update information on a UCC-1 Financing Statement. This document is used to change the name of the secured party, the name of the debtor, the collateral, or the location of the financing statement. The Tennessee version of the UCC3Ad is specific to the state of Tennessee, and is required by the Tennessee Secretary of State to be filed in order to update information on a UCC-1 Financing Statement. There are two types of Tennessee UCC3Ad: Financing Statement Amendment Addendum: an Amendment and a Continuation. The Amendment is used to update any information that has changed from the original UCC-1 filing, including the secured party, the debtor, the collateral, or the location of the financing statement. The Continuation is used to extend the duration of the financing statement for an additional five years.
Tennessee UCC3Ad: Financing Statement Amendment Addendum
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FAQ
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-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.
A UCC3 filed as a termination is strictly an amendment. It does not affect the status of the financing statement. A lien's status will only be affected by the lapse date. Upon lapse a lien will show as ?LAPSED-INACTIVE? for one (1) additional year.
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.
1 financing statement will automatically expire five years after the date of its filing 2.
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.
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.
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.