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Authorizing and Filing UCC Terminations Prepare and complete a UCC-3 amendment form to include: The filing number of the initial financing statement to which amendment relates. Review and review again for any mistakes or incorrect information. Submit the filing to Secretary of States office in the appropriate state.
Whats the difference between a UCC-1 and UCC3?
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 UCC-3 Amendment?
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.) The file number of the original financing statement.
What is the purpose of a UCC-3?
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.
Why would someone file an UCC?
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.
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AMENDMENT (PARTY INFORMATION): This Amendment affects Debtor or Secured Party of record. Check only one of these two boxes. ASSIGNMENT (full or partial): Give
Section 2-403(4) of the Uniform Commercial Code is hereby amended to read as follows: (4) The rights of other purchasers of goods and of lien creditors are
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