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Michigan UCC1 Financing Statement Addendum

Ucc1 Filing Michigan

Name: Michigan UCC1 Financing Statement Addendum
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.69 (493 reviews)

Category:

Michigan Secretary of State - Uniform Commercial Code

State:

Michigan

Control #:

MI-UCC1-A

Format:

Instant download

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Public form

Description Mi Ucc Filing

UCC1 - Financing Statement Addendum - Michigan - For use after July 1, 2001. This form permits you to add an additional debtor if necessary to cover collateral as specified in the statement.

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FAQ

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-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).

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.

If you're approved for a small-business loan, a lender might file a UCC financing statement or a UCC-1 filing. This is just a legal form that allows for the lender to announce lien on a secured loan. This allows for the lender to seize, foreclose or even sell the underlying collateral if you fail to repay your loan.

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.

Section 9-503 of the UCC provides various, more specific rules regarding the sufficiency of a debtor's name on a financing statement.However, unlike with a security agreement, on a financing statement it is acceptable to use a supergeneric description of collateral.

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.

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.

Ucc1 Filing Michigan

Description Mi Ucc Filing

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FAQ

What is a UCC 3 amendment?

What is a UCC Financing Statement amendment?

Who can terminate a UCC financing statement?

What is the purpose of a UCC financing statement?

How do I terminate a UCC financing statement?

Is a UCC financing statement a security agreement?

What's the difference between a UCC1 and UCC3?

Do UCC financing statements expire?

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