South Carolina UCC-5 Correction Statement

State:
South Carolina
Control #:
SC-SKU-0937
Format:
PDF
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Description

UCC-5 Correction Statement
The South Carolina UCC-5 Correction Statement is a document used to correct any errors in a previously filed UCC-1 Financing Statement. The South Carolina UCC-5 Correction Statement is filed with the South Carolina Secretary of State. The South Carolina UCC-5 Correction Statement is used to correct any errors in the name of the debtor, the name of the secured party, or the description of the collateral. It can also be used to add or remove collateral, or to indicate an amendment or termination of the UCC-1 Financing Statement. There are two types of South Carolina UCC-5 Correction Statement. The first is a “Continuation” statement, which is used to correct or supplement an existing UCC-1 Financing Statement. The second is an “Amendment” statement, which is used to amend or terminate an existing UCC-1 Financing Statement.

The South Carolina UCC-5 Correction Statement is a document used to correct any errors in a previously filed UCC-1 Financing Statement. The South Carolina UCC-5 Correction Statement is filed with the South Carolina Secretary of State. The South Carolina UCC-5 Correction Statement is used to correct any errors in the name of the debtor, the name of the secured party, or the description of the collateral. It can also be used to add or remove collateral, or to indicate an amendment or termination of the UCC-1 Financing Statement. There are two types of South Carolina UCC-5 Correction Statement. The first is a “Continuation” statement, which is used to correct or supplement an existing UCC-1 Financing Statement. The second is an “Amendment” statement, which is used to amend or terminate an existing UCC-1 Financing Statement.

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FAQ

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.

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.

From our example, the UCC-1 filing can remain in place even when the debt is paid off. 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.

It's possible to avoid a UCC filing by taking out an unsecured business loan rather than a secured one. For example, many online and alternative lenders offer unsecured loans, and you can get an SBA 7(a) loan of up to $25,000 without collateral.

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.

Suppose you discover an outdated UCC filing on your credit reports which have already been released. In that case, you can dispute the mistake and ask the business credit reporting agencies to remove it from your reports. Keep in mind, however, that no federal law requires them to do so.

Visit your secretary of state's office. To do so you will generally need to make a trip in person down to your secretary of state's office. Once there, you will be able to swear under oath that you've satisfied the debt in full and wish to request for the UCC-1 filing to be removed.

More info

Form to be used to amend an initial filing (includes termination, continuation, assignment, amendment (party information), and amendment (collateral change). Instructions for Statement of Claim (Form UCC5).Please type or laser-print this form. The following PDF forms are provided to assist with your UCC processing. Instructions for Information Statement (Form UCC5)​​ Please type or laser-print this form. Be sure it is completely legible. Read all Instructions, especially Instruction 1; correct Debtor name is crucial. Follow. UCC-5 Information Statement (f.k.a. FILING OFFICE COPY — INFORMATION STATEMENT (Form UCC5) (Rev. UCC-5 Information Statement (f.k.a.

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South Carolina UCC-5 Correction Statement