Utah Sample Letter for UCC-3 Termination Statement
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How to fill out Sample Letter For UCC-3 Termination Statement?
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File your lien with the county recorder File your lien claim with the recorder's office in the Utah county where the property is located, and pay the recording fee. Here's a full list of Utah recorder's offices that you can use to find contact information, fees, and recording requirements.
3 is used as a way to amend that original lien filing and do things like terminate the UCC, edit any of the details of the lien, or assign your interests to another secured party for the lien.
Ask the lender to terminate the lien upon payoff. 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.
Removing a UCC-1 filing Pay off your loan: This is the surest way to have the UCC-1 filing removed. Depending on the state, the financing statement can remain in your state's searchable index for one year after the loan is repaid. In that case, the statement would reflect that the loan is repaid.
The Debtor must send an authenticated demand to the secured party. the demand must be sent to the name and address of the secured party found on the financing statement. the secured party has 20 days to either terminate the filing or send a termination statement to the debtor for the debtor to file.
Our mailing address is 160 East 300 South, P.O. Box 146705, Salt Lake City UT, 84114-6705. Our fax number is 801-530-6438.
Pay Off the Loan in Full Though many may not have the funds available to pay off the loan, doing so is the easiest way to remove a UCC lien. Once you have paid off the loan, you can request that the lender release the lien.
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.
