Texas UCC3Ad Financing Statement Amendment Addendum is a legal form used to amend or supplement a previously filed Financing Statement in the State of Texas. It is used to make changes to an existing financing statement in order to reflect a change in the borrower’s name, address, or other information. The Amendment Addendum must be signed by all parties involved in the transaction and must be filed with the Texas Secretary of State's office. There are three types of Texas UCC3Ad Financing Statement Amendment Addendum: the General Amendment, the Change of Collateral Amendment, and the Termination Amendment. The General Amendment is used to make general changes to a financing statement, such as changing the name or address of the borrower. The Change of Collateral Amendment is used to add, delete, or substitute collateral to the financing statement. The Termination Amendment is used to terminate a financing statement and release the collateral listed in the financing statement.
Texas UCC3Ad Financing Statement Amendment Addendum
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FAQ
Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address. (Recommended for return copy of the filing.)
An assignment adds a secured party. An amendment to add a secured party adds a secured party.
First, the debtor must send an authenticated demand to the secured party. The demand should be sent to the name/address of the secured party as indicated on the financing statement. 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.
In these situations, you can file a UCC-3 termination yourself with your secretary of state. You must swear under oath that you've satisfied the debt in full and complete the UCC termination form.
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.
A UCC filing won't impact your business credit scores directly because it doesn't indicate anything about your ability to repay your debts. However, it can affect your ability to get credit again in the future.
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.
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.