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
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UCC3Ap: Financing Statement Amendment Additional Party
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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
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.
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.
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 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.
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).
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.
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.