This Uniform Commercial Code form, a UCC3-AD - Financing Statement - Texas, is for use in the documentation of personal property as collateral for a loan, and related matters.
Texas UCC3-AD - Financing Statement
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How to fill out Texas UCC3-AD - Financing Statement?
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FAQ
The secured party has 20 days to either terminate the filing or send a termination statement to the debtor for the debtor to file. if after the 20-day interval this has not occurred, the debtor may then file a UCC-3 termination statement.
A UCC 3 form, also known as a Financing Statement Amendment, is a document tracking changes to the UCC 1 such as the termination, the continuation, and the transfer of the Financing Statement. Other amendments are also filed, such as amending the names of the two parties or amending the collateral.
In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
Rules vary by State around releasing a UCC lien after a borrower satisfied the debt. Primarily there are two main ways to remove them. One way is by having the lender file a UCC-3 Financing Statement Amendment. Another way to remove a UCC filing is by swearing an oath of full payment at the secretary of state office.
A UCC filing is a legal notice a lender files with the secretary of state when they have a security interest against one of your assets. It gives notice that the lender has an interest, or lien, against the asset being used by you to secure the financing. The term UCC filing comes from the uniform commercial code.
Documents Filed in the Offices of the County Clerks All other types of amendment filings would require the filing of a financing statement in the Office of the Secretary of State. Documents pertaining to real estate records are to be filed in the Office of the County Clerk.
A Uniform Commercial Code (UCC) lien filing, or UCC filing, is a notice lenders file to inform others of their claim in the assets owned by the borrower in the event of default.A lien against the assets of your business may slow down or prevent you from obtaining additional business credit.
You should file a UCC-1 Financing Statement with the secretary of state's office in the state where the debtor is incorporated or located. If the collateral is real property, then you should also file a UCC-1 with the county recorder's office in the county where the debtor's real property is located.
In Texas you can search for UCC-1 filings made against your company through a website provided by the Texas Secretary of State's office. There is a very small fee for conducting this search.