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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.
What is a UCC3 form used for?
By Mail: send the completed with the filing fee of $40 to the New York State Department of State, Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Avenue, Albany, New York 12231.
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.
Who files the UCC-3 termination?
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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3-603. TENDER OF PAYMENT. | Uniform Commercial Code
TENDER OF PAYMENT. (a) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of
Apr 3, 2001 The SUBORDINATING CREDITOR agrees to execute and deliver UCC-3 statements, and such other filings as the LENDER may reasonably NATIONAL BANK
UCC Financing Statement Amendment (Form UCC3). Uniform Commercial Code Financing Statement Amendment is for used for the termination, continuation, and/or
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