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Can you continue a terminated UCC?

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.

Can a borrower terminate a UCC?

If you ever find yourself in that frustrating situation, the answer is: Yes, you can providing there is no existing obligation to the lender. This is provided for in Section 9-513 of the Uniform Commercial Code.

What is the purpose of a UCC 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. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.

Can you 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.)

Can you amend a UCC filing?

What information is required for a UCC-3 filing? Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address.

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