The Rhode Island UCC Financing Statement Amendment Addendum is a form used to amend a Uniform Commercial Code (UCC) Financing Statement in order to modify or alter the terms of the original agreement. It can be used to update information about the debtor, creditor, or collateral being used to secure the loan. There are two types of Rhode Island UCC Financing Statement Amendment Addendum: the Modified Financing Statement Amendment Addendum and the Continuation Statement Amendment Addendum. The Modified Financing Statement Amendment Addendum is used to make changes to the original Financing Statement, such as changing the debtor or creditor's name or address, modifying the collateral securing the loan, or adding additional collateral to the statement. The Continuation Statement Amendment Addendum is used to extend the original Financing Statement's effectiveness beyond its original expiration date. Both forms must be signed and dated by the debtor and creditor and filed with the Rhode Island Secretary of State's office.
Rhode Island UCC Financing Statement Amendment Addendum
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How to fill out Rhode Island UCC Financing Statement Amendment Addendum?
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FAQ
When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
It provides a method of giving notice of a security interest in personal property to interested third parties.
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.
How do I get rid of a UCC filing? You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.
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.
Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address. (Recommended for return copy of the filing.)
By Mail: send the completed form with the processing fee of $40 to the New York State Department of State, Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Avenue, Albany, New York 12231.
The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.