Michigan Sample Letter for UCC-3 Termination Statement

• Category: Letters - Legal - UCC
• State: Multi-State
• Control #: US-0186LTR
• Format: Word; Rich Text

Description

This form is a sample letter in Word format covering the subject matter of the title of the form. In Michigan, a UCC-3 Termination Statement is a legal document used to terminate a Uniform Commercial Code (UCC) filing that has been previously made. This document is important when a security interest, such as a lien or loan, on personal property is no longer valid and needs to be officially terminated. A UCC-3 Termination Statement is typically filed by the secured party, who is the individual or entity that filed the initial UCC financing statement. Once the termination is filed with the appropriate government agency, it effectively removes any active UCC liens or encumbrances on the specified personal property. When drafting a Michigan Sample Letter for UCC-3 Termination Statement, it is important to include the following key elements: 1. Heading: Begin by including the title "Sample Letter for UCC-3 Termination Statement" at the top of the document to ensure clarity. 2. Date: Add the date on which the letter is being composed. 3. Recipient Information: Include the name, address, and contact details of the person or agency who will be receiving the UCC-3 Termination Statement. 4. Introductory Paragraph: Start the letter by briefly introducing the parties involved, such as the secured party and the debtor, and mention the UCC filing that is being terminated. 5. Statement of Termination: Clearly state the intent to terminate the UCC filing, providing the filing number and identifying information of the original UCC financing statement. Also, mention the personal property collateral that was initially secured. 6. Signature and Authentication: Include the signature of the secured party (or their authorized representative) at the bottom of the letter. If applicable, provide a statement of authentication, stating that the letter is being submitted with proper authority. It is worth noting that there may be different types of UCC-3 Termination Statements in Michigan, depending on the specific circumstances or reasons for termination. Some possible variations may include: 1. Voluntary Termination Statement: This type of termination statement is filed when the debtor and secured party mutually agree to terminate the security interest. 2. Partial Termination Statement: When only a portion of the collateral is being released from the security interest, a partial termination statement is filed. 3. Full Termination Statement: This type of termination statement is used when the entire UCC filing is being terminated, releasing all claims on the identified personal property. Remember to consult with legal professionals or refer to official Michigan state resources to ensure compliance with any specific requirements or variations for the UCC-3 Termination Statement in Michigan.

In Michigan, a UCC-3 Termination Statement is a legal document used to terminate a Uniform Commercial Code (UCC) filing that has been previously made. This document is important when a security interest, such as a lien or loan, on personal property is no longer valid and needs to be officially terminated. A UCC-3 Termination Statement is typically filed by the secured party, who is the individual or entity that filed the initial UCC financing statement. Once the termination is filed with the appropriate government agency, it effectively removes any active UCC liens or encumbrances on the specified personal property. When drafting a Michigan Sample Letter for UCC-3 Termination Statement, it is important to include the following key elements: 1. Heading: Begin by including the title "Sample Letter for UCC-3 Termination Statement" at the top of the document to ensure clarity. 2. Date: Add the date on which the letter is being composed. 3. Recipient Information: Include the name, address, and contact details of the person or agency who will be receiving the UCC-3 Termination Statement. 4. Introductory Paragraph: Start the letter by briefly introducing the parties involved, such as the secured party and the debtor, and mention the UCC filing that is being terminated. 5. Statement of Termination: Clearly state the intent to terminate the UCC filing, providing the filing number and identifying information of the original UCC financing statement. Also, mention the personal property collateral that was initially secured. 6. Signature and Authentication: Include the signature of the secured party (or their authorized representative) at the bottom of the letter. If applicable, provide a statement of authentication, stating that the letter is being submitted with proper authority. It is worth noting that there may be different types of UCC-3 Termination Statements in Michigan, depending on the specific circumstances or reasons for termination. Some possible variations may include: 1. Voluntary Termination Statement: This type of termination statement is filed when the debtor and secured party mutually agree to terminate the security interest. 2. Partial Termination Statement: When only a portion of the collateral is being released from the security interest, a partial termination statement is filed. 3. Full Termination Statement: This type of termination statement is used when the entire UCC filing is being terminated, releasing all claims on the identified personal property. Remember to consult with legal professionals or refer to official Michigan state resources to ensure compliance with any specific requirements or variations for the UCC-3 Termination Statement in Michigan.