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Texas UCC1 Financing Statement Addendum

Texas UCC1 Financing Statement Addendum

Name: Texas UCC1 Financing Statement Addendum
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.7 (263 reviews)

Category:

Texas Contracts - Uniform Commercial Code

State:

Texas

Control #:

TX-UCC1-A

Format:

Instant download

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Public form

Description Texas Ucc Forms

UCC1 - Financing Statement Addendum - Texas - For use after July 1, 2001. This form permits you to add an additional debtor if necessary to cover collateral as specified in the statement.

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How to fill out Texas UCC1 Financing Statement Addendum?

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FAQ

Per the instructions to Form UCC-5, a person may file an Information Statement with respect to a record indexed under that person's name if the person believes the record was inaccurate or wrongfully filed, or a person may file an Information Statement with respect to a record if the person is a Secured Party of

A UCC filing is a legal notice a lender files with the secretary of state when they have a security interest against one of your assets. It gives notice that the lender has an interest, or lien, against the asset being used by you to secure the financing. The term UCC filing comes from the uniform commercial code.

When the debtor has satisfied all amounts owed to the lender, a UCC-3 termination statement (now called a UCC termination statement) is routinely filed to terminate the security interest perfected by the UCC-1 financing statement.

Rules vary by State around releasing a UCC lien after a borrower satisfied the debt. Primarily there are two main ways to remove them. One way is by having the lender file a UCC-3 Financing Statement Amendment. Another way to remove a UCC filing is by swearing an oath of full payment at the secretary of state office.

A UCC-3 termination statement (a Termination) is a required filing that terminates a security interest that has been perfected by a UCC-1 filing. 1. 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.

How long does a UCC filing last? A UCC-1 filing is good for five years. After five years, it is considered lapsed and no longer valid.

A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).

Section 9-503 of the UCC provides various, more specific rules regarding the sufficiency of a debtor's name on a financing statement.However, unlike with a security agreement, on a financing statement it is acceptable to use a supergeneric description of collateral.

The secured party has 20 days to either terminate the filing or send a termination statement to the debtor for the debtor to file. if after the 20-day interval this has not occurred, the debtor may then file a UCC-3 termination statement.

Texas UCC1 Financing Statement Addendum

Description Texas Ucc Forms

Ucc 1 Form Texas Related forms

How to fill out Texas UCC1 Financing Statement Addendum?

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FAQ

Who can file UCC termination?

What is a UCC release?

What does UCC 3 termination mean?

How do I remove a UCC financing statement?

What is a UCC-3 Termination Statement?

How long does UCC last?

What is a UCC Financing Statement amendment?

Is a UCC financing statement a security agreement?

How long does it take to remove a UCC filing?

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