UCC3 - Financing Statement Amendment - Texas - 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.
Lewisville, Texas UCC3 Financing Statement Amendment is a legal document filed to modify or update the information contained in an existing UCC3 Financing Statement in Lewisville, Texas. Under the Uniform Commercial Code (UCC), which governs commercial transactions, a UCC3 Financing Statement is initially filed to establish a creditor's interest in a debtor's collateral. The purpose of a UCC3 Financing Statement Amendment is to reflect changes to the original financing statement. Here are a few types of UCC3 Financing Statement Amendments that may be applicable in Lewisville, Texas: 1. Partial Release: If a debtor sells a portion of their collateral, this type of amendment releases the lien associated with the sold collateral. It allows the debtor to free up the remaining assets while keeping the security interest intact for the remaining collateral. 2. Change in Collateral Description: This amendment is filed when there is a need to modify or clarify the description of the collateral listed in the original financing statement. It ensures that the information accurately reflects the assets securing the creditor's interest. 3. Change in Debtor's Information: If there is a change in the debtor's name, address, or other identifying information, this amendment is necessary to update the UCC3 Financing Statement. It ensures that the creditor's security interest is properly associated with the correct party and avoids any confusion or disputes. 4. Extension of Termination Date: In cases where the original financing statement is approaching its expiration date, this amendment can be filed to extend the validity period. It provides the creditor with continued protection against competing claims on the debtor's assets. 5. Amendment to Add or Remove Secured Party: If there is a need to add or remove a secured party from the original UCC3 Financing Statement, this type of amendment is filed. It reflects changes in the creditor's interest, such as assignment of the loan or change in the secured party's relationship with the debtor. 6. Correction of Errors or Omissions: Sometimes, errors or omissions are discovered in the original financing statement. This amendment is filed to correct any mistakes in the information provided, ensuring accuracy and compliance with UCC requirements. It is important to consult with legal professionals or the appropriate authorities when preparing and filing a Lewisville, Texas UCC3 Financing Statement Amendment. Accuracy and adherence to UCC guidelines are crucial to protect the creditor's security interest and avoid potential disputes or challenges.Lewisville, Texas UCC3 Financing Statement Amendment is a legal document filed to modify or update the information contained in an existing UCC3 Financing Statement in Lewisville, Texas. Under the Uniform Commercial Code (UCC), which governs commercial transactions, a UCC3 Financing Statement is initially filed to establish a creditor's interest in a debtor's collateral. The purpose of a UCC3 Financing Statement Amendment is to reflect changes to the original financing statement. Here are a few types of UCC3 Financing Statement Amendments that may be applicable in Lewisville, Texas: 1. Partial Release: If a debtor sells a portion of their collateral, this type of amendment releases the lien associated with the sold collateral. It allows the debtor to free up the remaining assets while keeping the security interest intact for the remaining collateral. 2. Change in Collateral Description: This amendment is filed when there is a need to modify or clarify the description of the collateral listed in the original financing statement. It ensures that the information accurately reflects the assets securing the creditor's interest. 3. Change in Debtor's Information: If there is a change in the debtor's name, address, or other identifying information, this amendment is necessary to update the UCC3 Financing Statement. It ensures that the creditor's security interest is properly associated with the correct party and avoids any confusion or disputes. 4. Extension of Termination Date: In cases where the original financing statement is approaching its expiration date, this amendment can be filed to extend the validity period. It provides the creditor with continued protection against competing claims on the debtor's assets. 5. Amendment to Add or Remove Secured Party: If there is a need to add or remove a secured party from the original UCC3 Financing Statement, this type of amendment is filed. It reflects changes in the creditor's interest, such as assignment of the loan or change in the secured party's relationship with the debtor. 6. Correction of Errors or Omissions: Sometimes, errors or omissions are discovered in the original financing statement. This amendment is filed to correct any mistakes in the information provided, ensuring accuracy and compliance with UCC requirements. It is important to consult with legal professionals or the appropriate authorities when preparing and filing a Lewisville, Texas UCC3 Financing Statement Amendment. Accuracy and adherence to UCC guidelines are crucial to protect the creditor's security interest and avoid potential disputes or challenges.
