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North Dakota UCC3 Financing Statement Amendment Addendum

Nd Ucc

Name: North Dakota UCC3 Financing Statement Amendment Addendum
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.87 (358 reviews)

Category:

North Dakota Contracts - Uniform Commercial Code

State:

North Dakota

Control #:

ND-UCC3-A

Format:

Instant download

Description Ucc 3a Addendum Nd Form

UCC3 - Financing Statement Amendment Addendum - North Dakota - For use after July 1, 2001. This form is to be used as an addendum to the financing statement amendment. This form is to be filed in the real estate records.

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FAQ

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.

Also known as a UCC-3, and, depending on the context, a UCC-3 financing statement amendment, a UCC-3 termination statement, and a UCC-3 continuation statement. Under the Uniform Commercial Code, a UCC-3 is used to continue, assign, terminate, or amend an existing UCC-1 financing statement (UCC-1).

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.

After receiving your request, the lender has 20 days to terminate the UCC filing.

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.

The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.

Nd Ucc

Description Ucc 3a Addendum Nd Form

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