Cary North Carolina UCC3 Financing Statement Amendment

• Category: North Carolina Contracts - Uniform Commercial Code
• State: North Carolina
• City: Cary
• Control #: NC-UCC3
• Format: PDF

Description

UCC3 - Financing Statement Amendment - North Carolina - For use after July 1, 2001. This amendment is to be filed in the real estate records. This Financing Statement complies with all applicable state statutes. Cary, North Carolina UCC3 Financing Statement Amendment is a legal procedure that allows for modifications or updates to be made to an existing Uniform Commercial Code (UCC) financing statement filed with the Secretary of State's office. UCC3 refers to the specific form used for filing an amendment to the financing statement. The UCC3 Financing Statement Amendment is a crucial process for businesses and individuals who have previously filed a UCC1 financing statement in order to secure their interest in collateral. Collateral typically involves personal or business property (tangible or intangible) that is used to secure a loan or other financial obligation. The amendment allows the creditor or secured party to make changes to the original UCC1 financing statement. These changes could involve adding or removing collateral, changing debtor's information, or updating any other relevant details. It ensures that the financing statement accurately reflects the current agreement between the creditor and debtor. There can be different types of UCC3 Financing Statement Amendments in Cary, North Carolina, which include: 1. Amendment Adding Collateral: This type of amendment is filed when the secured party wants to add additional collateral to the existing financing statement. It ensures that the security interest extends to the new collateral as well. 2. Amendment Removing Collateral: In some cases, a secured party might want to remove specific collateral from the original financing statement. This amendment reflects the change and releases the security interest from the removed collateral. 3. Amendment Changing Debtor's Information: Sometimes, a debtor might undergo a legal name change, relocation, or undergo other changes relevant to their identification. This amendment updates the financing statement with the accurate debtor information, ensuring the security interest remains valid. 4. Amendment Terminating Financing Statement: When a loan or financial obligation is fully paid off or satisfied, the secured party can file an amendment to terminate the financing statement. This action removes the security interest completely. The UCC3 Financing Statement Amendment process is crucial for maintaining the accuracy and effectiveness of UCC filings. It ensures that all parties involved have clear and up-to-date information about the secured transactions. Properly completing and filing the appropriate amendment is essential to protect the rights of both creditors and debtors, providing legal clarity and transparency in financial transactions.

Cary, North Carolina UCC3 Financing Statement Amendment is a legal procedure that allows for modifications or updates to be made to an existing Uniform Commercial Code (UCC) financing statement filed with the Secretary of State's office. UCC3 refers to the specific form used for filing an amendment to the financing statement. The UCC3 Financing Statement Amendment is a crucial process for businesses and individuals who have previously filed a UCC1 financing statement in order to secure their interest in collateral. Collateral typically involves personal or business property (tangible or intangible) that is used to secure a loan or other financial obligation. The amendment allows the creditor or secured party to make changes to the original UCC1 financing statement. These changes could involve adding or removing collateral, changing debtor's information, or updating any other relevant details. It ensures that the financing statement accurately reflects the current agreement between the creditor and debtor. There can be different types of UCC3 Financing Statement Amendments in Cary, North Carolina, which include: 1. Amendment Adding Collateral: This type of amendment is filed when the secured party wants to add additional collateral to the existing financing statement. It ensures that the security interest extends to the new collateral as well. 2. Amendment Removing Collateral: In some cases, a secured party might want to remove specific collateral from the original financing statement. This amendment reflects the change and releases the security interest from the removed collateral. 3. Amendment Changing Debtor's Information: Sometimes, a debtor might undergo a legal name change, relocation, or undergo other changes relevant to their identification. This amendment updates the financing statement with the accurate debtor information, ensuring the security interest remains valid. 4. Amendment Terminating Financing Statement: When a loan or financial obligation is fully paid off or satisfied, the secured party can file an amendment to terminate the financing statement. This action removes the security interest completely. The UCC3 Financing Statement Amendment process is crucial for maintaining the accuracy and effectiveness of UCC filings. It ensures that all parties involved have clear and up-to-date information about the secured transactions. Properly completing and filing the appropriate amendment is essential to protect the rights of both creditors and debtors, providing legal clarity and transparency in financial transactions.