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How do I terminate a UCC in Georgia?

A UCC-3 termination statement (a \u201cTermination\u201d) is a required filing that terminates a security interest that has been perfected by a UCC-1 filing. A Termination for personal property is accomplished by completing and filing form UCC-3 with the Secretary of State's office in the appropriate state.

What is the purpose of a financing statement?

The financial statement serves a similar purpose as recording a deed for real property: registering debt with a state so other creditors and the government can track legitimate security interests in property.

How do UCC financing statements work?

A UCC financing statement \u2014 also called a UCC-1 financing statement or a UCC-1 filing \u2014 is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.

What is the purpose of a financing statement?

The financial statement serves a similar purpose as recording a deed for real property: registering debt with a state so other creditors and the government can track legitimate security interests in property.

Does a UCC financing statement need to be signed?

Although the UCC-1 Financing Statement does not require signatures, any attachment such as the legal description or special terms and conditions may require the signature of the Debtor.

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