Financing Statement Amendment Forms

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Commonly Asked Questions about Financing Statement Amendment Forms

Why would someone file a UCC?

Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtors assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the creditor of the creditors interest in the property.

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.

How to amend a UCC-1?

Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address. (Recommended for return copy of the filing.)

How do I complete an UCC3 termination?

The debtor must contact the secured party to request that a UCC-3 amendment be filed to terminate the original financing statement. This must be an authenticated demand letter sent to the secured party of record under its name and address indicated on the UCC-1 financing statement.

What is the UCC-3 name change amendment?

UCC-3 party amendments: A UCC-3 amendment is a type of filing used to change or add critical information about the debtor or the secured party.

What is a UCC3 form?

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 a financing statement amendment?

Amendment means a UCC record that amends the information contained in a financing statement. Amendments include assignments, continuations and terminations.

What is the difference between a 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.