Title: Texas Sample Letter for UCC-3 Termination Statement: Types and Detailed Description Introduction: A Texas Sample Letter for UCC-3 Termination Statement is an official document used to terminate a Uniform Commercial Code (UCC) filing in the state of Texas. UCC filings establish and prioritize security interests in personal property. This letter demonstrates the intention to terminate a UCC-3 financing statement, providing legal compliance and clarity for businesses and individuals. Types of Texas Sample Letter for UCC-3 Termination Statement: 1. General UCC-3 Termination Statement: A general UCC-3 termination statement is commonly used when a debtor or secured party wishes to terminate a UCC-1 financing statement without any specific exceptions or clarifications. This letter ensures a comprehensive termination of the original filing. 2. Partial UCC-3 Termination Statement: In cases where only a portion of the secured party's security interest is being terminated, a partial UCC-3 termination statement is used. This type of letter highlights the specific collateral or specific secured party interest being terminated, while maintaining the validity of the remaining security interest. 3. Amendment/Modification UCC-3 Termination Statement: An amendment/modification UCC-3 termination statement is utilized when changes or amendments are required for an existing UCC-3 termination statement. This type of letter assists in providing accurate and updated information while terminating the outdated or incorrect filing. Detailed Description: The Texas Sample Letter for UCC-3 Termination Statement is typically structured as follows: 1. Heading: At the top of the document, include the official business name, address, phone number, and email address of the party preparing the UCC-3 termination statement (secured party or debtor). 2. Recipient Details: Next, provide the recipient's contact information, including their name, address, phone number, and email address. This ensures the letter is directed to the appropriate authority responsible for processing the termination request. 3. Subject Line: Include a brief yet specific subject line, such as "Request for UCC-3 Termination Statement." 4. Identifying Information: Clearly state the UCC-1 financing statement's filing number, along with the filing date. This information helps the recipient locate and verify the original filing in their records. 5. Notice of Termination: Clearly state the intent to terminate the UCC-3 financing statement and identify the collateral or secured party interest being terminated. For a partial termination, specify the remaining collateral or secured party interest that will remain valid. 6. Supporting Documents: Attach any relevant documents that support the termination request, such as a UCC-3 Amendment or modification if applicable. This helps ensure all necessary modifications and amendments are made simultaneously with the termination. 7. Execution: At the end of the letter, include the date of execution, the authorized person's signature, printed name, title, and contact information. This confirms the authenticity and authority of the termination request. 8. Sending and Filing Instructions: Provide clear instructions on where and how to send the termination statement, along with any required fees or forms. Include a request for a confirmation of receipt for record-keeping purposes. Conclusion: A Texas Sample Letter for UCC-3 Termination Statement is a vital document used to terminate UCC-3 filings in the state of Texas. It is essential to follow the specific requirements and instructions outlined by the authorities to ensure a successful termination process. By utilizing the appropriate type of termination statement based on the situation, businesses and individuals can confidently terminate or modify their UCC filings in Texas.
Texas Sample Letter for UCC-3 Termination Statement
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How to fill out Texas Sample Letter For UCC-3 Termination Statement?
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FAQ
When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
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 a word, yes, as long as there is no existing obligation to the lender and one follows a specific process. The process for debtors to terminate UCC filings on themselves is provided for in the Uniform Commercial Code and can be found here in Section 9-513 of the Uniform Commercial Code.
Now, for example, let's say you want to take a second mortgage with Bank#2. Bank#2 will search the Secretary of State records and find that Bank#1 has already lent you money. Bank#2 will not get its money back until Bank#1 has been paid in full so its interest is referred to as "subordinated".
A1. A termination is a notice that a secured party or other lien holder released its claim against a debtor's assets. For example, if a bank loans money to a business, part of the agreement might include some of the business's property being used as collateral.
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.
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. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.
Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.
