New York 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. New York Sample Letter for UCC-3 Termination Statement is a legal document used to release and terminate a Uniform Commercial Code (UCC) filing that was previously made by a secured party. This termination statement is filed with the appropriate agency in the state of New York to officially notify interested parties that the security interest in a particular collateral has been released. Keywords: New York, Sample Letter, UCC-3 Termination Statement, legal document, Uniform Commercial Code, secured party, filing, collateral, security interest, release, notified, agency There are two different types of New York Sample Letters for UCC-3 Termination Statements, depending on the situation: 1. Voluntary Termination Statement: This type of termination statement is used when the secured party willingly releases the security interest in the collateral. It is typically filed when a loan or debt is fully repaid by the debtor, or when the collateral is sold or transferred to a new owner. The letter includes details such as the debtor's name and address, secured party's name and address, description of the collateral, UCC filing number, and an explicit statement of termination. 2. Involuntary Termination Statement: This type of termination statement is filed when the secured party is unable or unwilling to continue maintaining the security interest due to certain circumstances. These circumstances could include bankruptcy, death of the secured party, or other legal reasons. The letter includes similar details as the voluntary termination statement, and it clearly states the reason for the involuntary termination. Both types of termination statements must adhere to the specific regulations and requirements outlined by the New York UCC Section. They must be completed accurately and signed by the secured party, ensuring the document's authenticity. The termination statement should be filed with the appropriate agency in New York, typically the Secretary of State, within a specific timeframe to fulfill legal obligations and effectively release the security interest. It is important to consult with an attorney or legal professional when drafting a New York Sample Letter for UCC-3 Termination Statement to ensure compliance with the state's laws and regulations. Any errors or omissions in the termination statement may lead to potential legal complications or disputes.

New York Sample Letter for UCC-3 Termination Statement is a legal document used to release and terminate a Uniform Commercial Code (UCC) filing that was previously made by a secured party. This termination statement is filed with the appropriate agency in the state of New York to officially notify interested parties that the security interest in a particular collateral has been released. Keywords: New York, Sample Letter, UCC-3 Termination Statement, legal document, Uniform Commercial Code, secured party, filing, collateral, security interest, release, notified, agency There are two different types of New York Sample Letters for UCC-3 Termination Statements, depending on the situation: 1. Voluntary Termination Statement: This type of termination statement is used when the secured party willingly releases the security interest in the collateral. It is typically filed when a loan or debt is fully repaid by the debtor, or when the collateral is sold or transferred to a new owner. The letter includes details such as the debtor's name and address, secured party's name and address, description of the collateral, UCC filing number, and an explicit statement of termination. 2. Involuntary Termination Statement: This type of termination statement is filed when the secured party is unable or unwilling to continue maintaining the security interest due to certain circumstances. These circumstances could include bankruptcy, death of the secured party, or other legal reasons. The letter includes similar details as the voluntary termination statement, and it clearly states the reason for the involuntary termination. Both types of termination statements must adhere to the specific regulations and requirements outlined by the New York UCC Section. They must be completed accurately and signed by the secured party, ensuring the document's authenticity. The termination statement should be filed with the appropriate agency in New York, typically the Secretary of State, within a specific timeframe to fulfill legal obligations and effectively release the security interest. It is important to consult with an attorney or legal professional when drafting a New York Sample Letter for UCC-3 Termination Statement to ensure compliance with the state's laws and regulations. Any errors or omissions in the termination statement may lead to potential legal complications or disputes.