UCC3 Financing Statement Amendment
Description
Definition and meaning
The UCC3 Financing Statement Amendment is a legal form used to amend a previously filed UCC1 Financing Statement. This type of amendment is necessary for making changes related to secured transactions, such as updating debtor information, modifying security interests, or terminating a financing statement. Understanding this form is crucial for parties involved in secured credit transactions.
How to complete a form
Filling out the UCC3 Financing Statement Amendment involves several key steps:
- Obtain the correct form: Ensure you have the latest version of the UCC3 form.
- Enter relevant details: Fill in the initial financing statement file number in item 1a. Ensure accuracy to prevent legal issues.
- Select the amendment type: Identify whether you are terminating, continuing, assigning, or modifying debtor information by checking the appropriate boxes in section 2 to 5.
- Provide current and new information: Enter the debtor's or secured party's name and address in the designated fields as needed.
- Submit the form: File the completed form with the appropriate state office, ensuring to pay any required fees.
Who should use this form
The UCC3 Financing Statement Amendment is primarily used by:
- Secured parties seeking to update their filings to reflect changes in debtor information or security interests.
- Debtors who wish to correct inaccuracies in previously filed financing statements.
- Legal professionals managing secured transactions on behalf of clients.
Common mistakes to avoid when using this form
When filling out the UCC3 Financing Statement Amendment, ensure to avoid these common pitfalls:
- Incorrect file number: Always verify the initial financing statement's file number is correct.
- Incomplete information: Ensure all required fields are filled out completely, especially regarding the debtor's information.
- Filing with wrong office: Always file with the correct state filing office to ensure legal recognition.
Key components of the form
The UCC3 form consists of several essential sections:
- Initial financing statement file number: Required to reference the original filing.
- Type of amendment: Indicates whether the form is for termination, continuation, assignment, or party information update.
- Debtor and secured party details: Updated names and addresses must be provided when applicable.
- Signature: Must be signed by the appropriate parties to validate the amendment.
How to fill out UCC3 Financing Statement Amendment?
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FAQ
When the debtor has satisfied all amounts owed to the lender, a UCC-3 termination statement (now called a UCC termination statement) is routinely filed to terminate the security interest perfected by the UCC-1 financing statement.
Why file a UCC-3 form? The UCC-3 is the Swiss-Army-Knife of forms. Unlike a UCC 1, a UCC 3 can be used for multiple purposes. The actions one can take are Amendment, Assignment, Continuation, and Termination.
After receiving your request, the lender has 20 days to terminate the UCC filing.
To continue the effectiveness of a UCC-1 financing statement beyond its initial 5-year effective period, a secured party must file a Continuation. A Continuation extends the life of the financing statement for an additional five years.Each Continuation must identify, by its file number, the UCC-1 to which it relates.
Also known as a UCC-3, and, depending on the context, a UCC-3 financing statement amendment, a UCC-3 termination statement, and a UCC-3 continuation statement. Under the Uniform Commercial Code, a UCC-3 is used to continue, assign, terminate, or amend an existing UCC-1 financing statement (UCC-1).
A UCC-3 termination statement (a Termination) is a required filing that terminates a security interest that has been perfected by a UCC-1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC-3 with the Secretary of State's office in the appropriate state.
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.
The UCC-1 Financing Statement is filed to protect a lender's or creditor's security interest by giving public notice that there is a right to take possession of and sell certain assets for repayment of a specific debt with a certain debtor.
Form UCC3 is used to amend (make changes to) a UCC1 filing.However, it is important to note that for a UCC1 filing a termination is only an amendment and that the UCC1 filing may be amended further, even after a termination has been filed. Box 3 Continuation A UCC1 filing is good for five years.