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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.
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.
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.
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.)
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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UCC. A UCC3 is a change statement to a UCC1. Its an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. Its a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.
How do I get rid of a UCC filing? You can remove a UCC filing when youve repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.
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 UCC3 is a change statement to a UCC1. Its an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. Its a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.
First, the debtor must send an authenticated demand to the secured party. The demand should be sent to the name/address of the secured party as indicated on the financing statement. 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.

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