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Tennessee UCC3Ap: Financing Statement Amendment Additional Party

Tennessee UCC3Ap: Financing Statement Amendment Additional Party

Name: Tennessee UCC3Ap: Financing Statement Amendment Additional Party
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.72 (336 reviews)

Category:

Tennessee Secretary of State - Miscellaneous

State:

Tennessee

Control #:

TN-SKU-1378

Format:

Instant download

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Description

UCC3Ap: Financing Statement Amendment Additional Party Tennessee UCC3Ap: Financing Statement Amendment Additional Party is a form used by secured parties to add a party to a UCC financing statement. This form is used when a change of debtor or secured party is made, and it must be filed with the Tennessee Secretary of State to perfect the security interest of the additional party. The different types of Tennessee UCC3Ap: Financing Statement Amendment Additional Party include: Amendment to Add Debtor, Amendment to Add Secured Party, and Amendment to Add Both Debtor and Secured Party.

Tennessee UCC3Ap: Financing Statement Amendment Additional Party is a form used by secured parties to add a party to a UCC financing statement. This form is used when a change of debtor or secured party is made, and it must be filed with the Tennessee Secretary of State to perfect the security interest of the additional party. The different types of Tennessee UCC3Ap: Financing Statement Amendment Additional Party include: Amendment to Add Debtor, Amendment to Add Secured Party, and Amendment to Add Both Debtor and Secured Party.

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FAQ

Recordation tax is a tax on two separate privileges: realty transfer tax and mortgage tax. Recordation tax is collected by the county register of deeds and remitted to the Department of Revenue.

The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Tennessee indebtedness tax is due at the time of filing and is paid at a rate of eleven and one half cents (11.5¢) for each one hundred dollars ($100) of debt (or one thousand one hundred and fifty dollars ($1,150) per one million dollars ($1,000,000) of debt).

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. Administrative rule 34.05.

Since the first $2,000.00 of indebtedness on a financing statement is exempt, no recording tax is due. Example #2: A UCC1 states that the maximum amount of indebtedness for Tennessee recording tax purposes is $25,000.00.

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.

Example #1: A UCC1 states that the maximum amount of indebtedness for Tennessee recording tax purposes is $1,500.00. Since the first $2,000.00 of indebtedness on a financing statement is exempt, no recording tax is due.

This statute requires that ?prior to public recordation of any instrument evidencing indebtedness? there shall be a state tax of 11.5¢ per $100 (the ?Recordation Tax Formula?) of ?the indebtedness so evidenced.? Common instruments of indebtedness subject to this tax include, but are not limited, to mortgages, deeds of

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Enter file number of initial financing statement as shown in item 1a of Amendment (Form UCC3) to which this Amendment. Addendum relates. 20.If this Amendment (Form UCC3) is to be filed in the real estate records, complete the required information. (items 15, 16, and 17). Complete ITEM C of the filing form to include a valid email address. A blank form follows these instructions. The UCC3 Financing Statement Additional Party must be filed in conjunction with a UCC3 Financing. Debtors or Secured Parties, attach Amendment Additional Party (Form UCC3AP), using correct name format. To delete a party (items 5 a!! Home; UCC Financing Statement Amendment Additional Parties UCC3AP.

Tennessee UCC3Ap: Financing Statement Amendment Additional Party

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