Minnesota UCC3 Financing Statement Amendment (National) is a document used to amend or supplement a UCC financing statement originally filed in Minnesota. This document is typically used to add or delete collateral on a financing statement, correct errors or mistakes, or add additional parties to the financing statement. There are two types of Minnesota UCC3 Financing Statement Amendment (National): (1) an amendment to an existing financing statement and (2) a supplement to an existing financing statement. The amendment is typically used to make changes to a financing statement, such as adding or deleting collateral, modifying the secured obligation, or adding or deleting parties. The supplement is typically used to add additional collateral to a financing statement. Both types of amendments must include the original financing statement’s file number, the name of the debtor and secured party, and must be signed by the debtor and secured party.
Minnesota UCC3 Financing Statement Amendment (National)
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FAQ
A UCC financing statement ? also called a UCC-1 financing statement or a UCC-1 filing ? is a legal form that allows a lender to announce a lien on an asset to secure a loan. By filing the UCC financing statement, the lender is giving notice that it has an interest in the property listed in the filing.
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.
A UCC3 is a change statement to a UCC1. It's an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It's a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.
In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
3 is used as a way to amend that original lien filing and do things like terminate the UCC, edit any of the details of the lien, or assign your interests to another secured party for the lien.
UCC-3 party amendments: A UCC-3 amendment is a type of filing used to change or add critical information about the debtor or the secured party. For example, they can be used to change the name or the address.
UCC-3 is an amendment or ?continuation statement? that the owner files to renew the UCC-1 for another 5-year period. Unless a continuation statement is filed before the expiration of the UCC-1's 5-year period, the owner must file a new UCC-1.
In these situations, you can file a UCC-3 termination yourself with your secretary of state. You must swear under oath that you've satisfied the debt in full and complete the UCC termination form.