Dear [Recipient's Name], I hope this letter finds you well. I am writing to formally submit a UCC-3 Termination Statement on behalf of [Your Company's Name]. As per the Uniform Commercial Code (UCC) regulations enforced in the state of Tennessee, this document serves as a termination statement for a previously filed UCC-1 financing statement. Tennessee recognizes the importance of UCC-3 Termination Statements as legal documents used to release or terminate any security interests or liens previously established on personal property. These statements are crucial in providing clear evidence that a security interest or lien has been terminated, and that the collateral is no longer encumbered. In Tennessee, there are different types of UCC-3 Termination Statements, each serving a specific purpose. They include: 1. UCC-3 Termination Statement Partial Release: This type of termination statement is used when only a portion of the collateral is being released from a security interest or lien. It provides details on the specific collateral that is being released, ensuring accurate and definitive termination. 2. UCC-3 Termination Statement Full Release: A full release termination statement is employed when the entire collateral covered by a UCC-1 financing statement is being released. This statement effectively eliminates any security interests or liens on the collateral, freeing it from any encumbrances. 3. UCC-3 Termination Statement Release of Debtor's Obligation: This type of termination statement is utilized when the debtor's obligation secured by the collateral has been paid or otherwise satisfied. It releases both the collateral and the debtor, clearing them from any further obligations related to the previously secured debt. Regardless of the specific type of UCC-3 Termination Statement being filed, it is important to provide accurate information in the letter. The details required include: 1. The debtor's legal name and address. 2. The secured party's legal name and address. 3. The UCC-1 filing number related to the original financing statement. 4. Clear identification of the collateral being released. 5. A statement confirming the termination and release of any security interest or lien. To ensure the validity of the UCC-3 Termination Statement, it is essential to follow the guidelines outlined in the Tennessee UCC statutes. Adhering to the required formatting, submission procedures, and payment of any associated fees is crucial to successfully completing the termination process. Please find enclosed the necessary documentation, including the completed UCC-3 Termination Statement, for your review and filing. Should you require any additional information or assistance, please do not hesitate to contact me directly. Thank you for your prompt attention to this matter. Sincerely, [Your Name] [Your Company's Name] [Your Contact Information]
Tennessee Sample Letter for UCC-3 Termination Statement
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How to fill out Tennessee Sample Letter For UCC-3 Termination Statement?
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