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UCC-3 collateral amendments: This type of filing is used to add collateral, remove collateral, or restate the entire collateral description. Prior to the UCC RA9, collateral amendments were also called releases.
What is a corrective statement?
A statement of correction is your opportunity to set out what information you believe is wrong or incorrect, and to explain what you think the information should be. The statement of correction should be short and to the point to ensure that it can be read alongside the disputed information.
How long is a UCC-3 Good For?
The UCCs general rule is that a financing statement remains valid for a period of five years from the date of filing. Unless a continuation statement is properly filed before expiration of the five year period, the effectiveness of the financing statement will lapse.
When can you file UCC-3 continuation?
Continuation This type of UCC-3 continues the agreement for five years past the maturity date. It must be submitted in the six months before the UCC-1 matures.
What does UCC release mean?
UCC Release means one or more releases on form UCC-3, pursuant to which the Collateral is released from the Lien in favor of the Term Loan Agent for the benefit of the secured parties under or in respect of the Term Loan Agreement.
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A UCC-3 termination statement (a Termination) is a required filing that terminates a security interest that has been perfected by a UCC-1 filing. A Termination for personal property is accomplished by completing and filing form UCC-3 with the Secretary of States office in the appropriate state.
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