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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.
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.
What does UCC on title mean?
UCC means the Uniform Commercial Code as adopted in this 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 does article 3 of the UCC do?
Uniform Commercial Code Article 3 governs negotiable instruments: drafts (including checks) and notes representing a promise to pay a sum of money, and that have independent value because they are negotiable.
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