UCC3 - Financing Statement Amendment - Wisconsin - For use after July 1, 2001. This amendment is to be filed in the real estate records. This Financing Statement complies with all applicable state statutes.
Wisconsin UCC3 Financing Statement Amendment
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Description
Definition and meaning
The Wisconsin UCC3 Financing Statement Amendment is a legal form used to amend or update details related to a previously filed financing statement under the Uniform Commercial Code (UCC). This form serves to either terminate, continue, assign, or amend security interests in personal property or real estate as recorded in the appropriate legal documents.
How to complete a form
To complete the Wisconsin UCC3 Financing Statement Amendment, follow these steps:
- Start by entering the initial financing statement file number in item 1a.
- If applicable, check the box indicating that the statement is to be filed in the real estate records.
- Choose the appropriate action by checking one of the boxes in section 2, 3, 4, or 5 to indicate termination, continuation, assignment, or amendment of party information.
- Provide all required names and addresses for debtors or secured parties in the designated fields.
- Complete the description of the collateral in section 8 if relevant.
Ensure all information is legible and accurate, as errors can have significant legal consequences.
Who should use this form
This form is primarily used by creditors or secured parties who need to amend existing financing statements. It may also be necessary for debtors who want to update their information, resolve disputes related to financing statements, or change the terms of their agreements. Individuals or organizations in Wisconsin dealing with secured transactions or collateral agreements should consider utilizing this form.
Key components of the form
The form comprises several critical sections, including:
- Initial Financing Statement File Number: Essential for referencing the existing statement.
- Action Type: Options to terminate, continue, amend, or assign interests.
- Party Information: Details on debtors or secured parties requiring updates.
- Collateral Description: Specifics on the collateral associated with the financing statement.
Each section must be filled out meticulously to ensure proper amendments and to avoid legal complications.
Common mistakes to avoid when using this form
When filing the Wisconsin UCC3 Financing Statement Amendment, be mindful of the following common errors:
- Entering an incorrect initial financing statement file number, which can lead to misfiling.
- Failing to select the appropriate action type, resulting in unintended legal consequences.
- Neglecting to provide complete and accurate information for all parties involved.
- Overlooking the need for a signature where required, which can invalidate the form.
Review the form thoroughly before submission to minimize these mistakes.
What documents you may need alongside this one
When filing the Wisconsin UCC3 Financing Statement Amendment, it may be helpful to have the following documents on hand:
- The original financing statement being amended.
- Any prior amendments or assignments related to the financing statement.
- Documentation that verifies the identity of all parties involved.
Having these documents readily accessible can facilitate a smoother filing process, ensuring all required data is accurate and comprehensive.
How to fill out Wisconsin UCC3 Financing Statement Amendment?
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FAQ
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).
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.
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.
Filer Information. Name and phone number of contact at filer. Email contact at filer. Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.
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 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.
A UCC1 financing statement is effective for a period of five years. A record that is not continued before its lapse date will cease to be effective, costing the secured party their perfected status and perhaps their priority position to collect. Once a financing statement has lapsed, it cannot be revived.
UCC-1 Financing Statements do not have to be signed by either the Debtor or Secured Party; however, they must be authorized.Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.