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As a general rule, a perfected security interest in movable collateral remains perfected for up to four months after the debtor moves the collateral to another state. After that time, the secured creditor must re-perfect in the new state in order to retain the priority of his or her interest on the collateral.
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.
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.)
When the debtor has satisfied all amounts owed to the lender, a UCC-3 termination statement (now called a UCC termination statement) is routinely filed to terminate the security interest perfected by the UCC-1 financing statement.
A UCC-1 financing statement will automatically expire five years after the date of its filing [2].
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In all cases, you should file a UCC-1 with the secretary of states office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
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.
If the debtor (or another creditor) filed the Termination without proper authority and then the secured party of record filed a Continuation, the Continuation would extend the term of effectiveness for the Financing Statement since the Termination was not valid.
UCC financing statements also known as liens are filed in connection with secured transactions and can be filed against any personal property located within the state, with some exceptions. Youd usually file a financing statement to secure payment of a business loan (or occasionally a debt).
But a UCC filing does appear on your credit report, and it could affect whether you will qualify for other financing forms later down the road. For example, say that you receive funding from one lender who filed a UCC lien on some of your assets.

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