Oregon 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. Title: Understanding Oregon UCC-3 Termination Statement: Sample Letter and Types Explained Introduction: In Oregon, the UCC-3 termination statement is a vital legal document used to terminate a previously filed Uniform Commercial Code (UCC) financing statement. This comprehensive guide aims to provide a detailed description of what an Oregon UCC-3 termination statement is, its purpose, and provide examples of sample letters. We will also explore any variations or types of termination statements that exist in this context. What is an Oregon UCC-3 Termination Statement? An Oregon UCC-3 termination statement is an official document that legally terminates a UCC-1 financing statement that was previously filed with the Oregon Secretary of State. It provides notice to interested parties that the secured party no longer claims an interest in the collateral stated in the original financing statement. Purpose of an Oregon UCC-3 Termination Statement: The primary purpose of an Oregon UCC-3 termination statement is to remove the filed financing statement from public record once the secured party no longer asserts a security interest in the collateral. This termination statement ensures transparency in commercial transactions, releases the collateral from encumbrances, and prevents any potential disputes in the future. Sample Letter for an Oregon UCC-3 Termination Statement: [Your Name] [Your Address] [City, State, Zip Code] [Date] [Secretary of State's Office] [Corporation Division] [Address] [City, State, Zip Code] Subject: UCC-3 Termination Statement Dear [Secretary of State's Office], I, [Your Name], am I submitting this UCC-3 Termination Statement to formally terminate the UCC-1 financing statement originally filed on [Filing Date]. Please find the details below for your records: Debtor Information: — Name of Debtor: [Debtor's Full Legal Name] — Debtor's Address: [Debtor's Full Address] Secured Party Information: — Name of Secured Party: [Secured Party's Full Legal Name] — Secured Party's Address: [Secured Party's Full Address] Collateral Description (as stated in the original financing statement): — [Description of Collateral] Filing Information: — Individual or Organization Filing: [Select appropriate option] — Filing Number: [UCC-1 Filing Number— - Filing Date: [Original Filing Date] Certification: I hereby certify, under penalty of perjury, that I am the secured party or an authorized agent thereof, and that the information provided above is true and accurate to the best of my knowledge. Please process this UCC-3 termination statement promptly and provide confirmation of its acceptance. Thank you for your attention to this matter. Sincerely, [Your Name] [Your Contact Number] [Your Email Address] Types of Oregon UCC-3 Termination Statements: The different types of UCC-3 termination statements in Oregon may include: 1. Full Release: Terminating all security interests between the debtor and secured party. 2. Partial Release: Terminating specific security interests related to particular collateral. 3. Amendment: Modifying the original financing statement, including changes to collateral description, debtor or secured party information. 4. Assignments: Transferring a security interest from one secured party to another. Conclusion: Understanding and correctly completing an Oregon UCC-3 termination statement is crucial for securing smooth and transparent financial transactions. This guide has provided you with a detailed description of what an Oregon UCC-3 termination statement is, highlighted its purpose, offered a sample letter for reference, and presented different types of termination statements that may arise in this context. Use this information to navigate the process confidently, ensuring compliance with Oregon's UCC regulations.

Title: Understanding Oregon UCC-3 Termination Statement: Sample Letter and Types Explained Introduction: In Oregon, the UCC-3 termination statement is a vital legal document used to terminate a previously filed Uniform Commercial Code (UCC) financing statement. This comprehensive guide aims to provide a detailed description of what an Oregon UCC-3 termination statement is, its purpose, and provide examples of sample letters. We will also explore any variations or types of termination statements that exist in this context. What is an Oregon UCC-3 Termination Statement? An Oregon UCC-3 termination statement is an official document that legally terminates a UCC-1 financing statement that was previously filed with the Oregon Secretary of State. It provides notice to interested parties that the secured party no longer claims an interest in the collateral stated in the original financing statement. Purpose of an Oregon UCC-3 Termination Statement: The primary purpose of an Oregon UCC-3 termination statement is to remove the filed financing statement from public record once the secured party no longer asserts a security interest in the collateral. This termination statement ensures transparency in commercial transactions, releases the collateral from encumbrances, and prevents any potential disputes in the future. Sample Letter for an Oregon UCC-3 Termination Statement: [Your Name] [Your Address] [City, State, Zip Code] [Date] [Secretary of State's Office] [Corporation Division] [Address] [City, State, Zip Code] Subject: UCC-3 Termination Statement Dear [Secretary of State's Office], I, [Your Name], am I submitting this UCC-3 Termination Statement to formally terminate the UCC-1 financing statement originally filed on [Filing Date]. Please find the details below for your records: Debtor Information: — Name of Debtor: [Debtor's Full Legal Name] — Debtor's Address: [Debtor's Full Address] Secured Party Information: — Name of Secured Party: [Secured Party's Full Legal Name] — Secured Party's Address: [Secured Party's Full Address] Collateral Description (as stated in the original financing statement): — [Description of Collateral] Filing Information: — Individual or Organization Filing: [Select appropriate option] — Filing Number: [UCC-1 Filing Number— - Filing Date: [Original Filing Date] Certification: I hereby certify, under penalty of perjury, that I am the secured party or an authorized agent thereof, and that the information provided above is true and accurate to the best of my knowledge. Please process this UCC-3 termination statement promptly and provide confirmation of its acceptance. Thank you for your attention to this matter. Sincerely, [Your Name] [Your Contact Number] [Your Email Address] Types of Oregon UCC-3 Termination Statements: The different types of UCC-3 termination statements in Oregon may include: 1. Full Release: Terminating all security interests between the debtor and secured party. 2. Partial Release: Terminating specific security interests related to particular collateral. 3. Amendment: Modifying the original financing statement, including changes to collateral description, debtor or secured party information. 4. Assignments: Transferring a security interest from one secured party to another. Conclusion: Understanding and correctly completing an Oregon UCC-3 termination statement is crucial for securing smooth and transparent financial transactions. This guide has provided you with a detailed description of what an Oregon UCC-3 termination statement is, highlighted its purpose, offered a sample letter for reference, and presented different types of termination statements that may arise in this context. Use this information to navigate the process confidently, ensuring compliance with Oregon's UCC regulations.