Add Required Fields To Legal Delaware UCC Forms For Free

What is an UCC filing expiration? The UCC's normal rule is that a financing statement remains valid for a period of five years from the date of filing. Unless a continuation statement is properly filed before expiration of the five year period, the effectiveness of the financing statement will lapse.

The secured party may assign the rights to some portion or percentage of all the collateral covered by the initial UCC financing statement to another party. (A partial assignment.) The secured party may assign the rights of the 100% interest in a portion of the collateral to another party. (Also a partial assignment.)

Electronic UCC filings may be submitted directly to the Division via the State's e-UCC web application or through a variety of UCC XML submitters. Paper filings may be submitted through an Authorized UCC Filer who will submit the filing electronically to the Division.

Assignment and Release: A secured party may, at its discretion, assign part or all of a security interest to another party and/or release part or all of the collateral covered by a security interest. Amending a Financing Statement: A filed financing statement may be amended.

The first lender could, however, agree to subordinate its security interest in favor of the second lender. I.e., switch positions. The first lender would file a UCC3 Subordination form to record the switch.

The secured party (assignor) may assign all of its rights to another party (assignee). (This is considered a full assignment.) The secured party may assign the rights to some portion or percentage of all the collateral covered by the initial UCC financing statement to another party.