Commercial Code Amendment Forms

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Commonly Asked Questions about Commercial Code Amendment Forms

What is UCC-1 used for?

Essentially, a UCC-1 can be described as a financing statement. In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtors personal property.

What is a UCC-3 amendment?

A UCC-3 (Uniform Commercial Code-3 statement) is a legal filing used to make any changes to a current UCC-1 filing. In short, a UCC-3 is considered an amendment filing. With Fast Track Filing, you can amend a UCC-1 filing in a few ways: 1. Termination: This filing extinguishes the UCC-1 before its five-year term ends.

What is an example of a UCC3 subordination?

Now, for example, lets say you want to take a second mortgage with Bank#2. Bank#2 will search the Secretary of State records and find that Bank#1 has already lent you money. Bank#2 will not get its money back until Bank#1 has been paid in full so its interest is referred to as subordinated.

Does a UCC-1 need to be signed?

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. A UCC-1 Financing Statement expires after five (5) years unless a continuation is recorded and/or filed.

What does UCC stand for?

UCC stands for Uniform Commercial Code. The Uniform Commercial Code is a uniform law that governs commercial transactions, including sales of goods, secured transactions and negotiable instruments.

What is the difference between UCC-1 and UCC-3?

There are two main forms: UCC-1 is completed upon the purchase or refinance of a property at closing and remains valid for 5 years from the date of filing. UCC-3 is an amendment or continuation statement that the owner files to renew the UCC-1 for another 5-year period.

What is the purpose of an UCC-3 filing?

A UCC-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.