South Dakota 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. Dear [Recipient's Name], I hope this letter finds you well. I am writing to provide you with a detailed description of what a South Dakota Sample Letter for UCC-3 Termination Statement entails. The UCC-3 Termination Statement is a legal document used to officially terminate a Uniform Commercial Code (UCC) financing statement in South Dakota. A UCC-3 Termination Statement is required when a loan, lease, or security interest has been satisfied or released. This document acts as proof that the secured party no longer has a claim or interest in the collateral mentioned in the original UCC filing. In South Dakota, there are several types of UCC-3 Termination Statements, depending on the specific circumstances. These include: 1. Voluntary Termination: This type of termination occurs when the debtor fulfills their obligations, and the secured party voluntarily releases their interest in the collateral. The debtor or secured party can initiate this termination by submitting a UCC-3 Termination Statement to the appropriate filing office in South Dakota. 2. Partial Release: This type of termination is applicable when the debtor, secured party, or obliged wants to terminate a portion of the security interest or collateral covered under the original UCC-1 Financing Statement. The UCC-3 Termination Statement should clearly specify which part of the collateral is being released. 3. Full Release: A full release termination statement is required to terminate the entire UCC-1 Financing Statement. This typically occurs when the debtor satisfies the obligations associated with the loan or lease in its entirety, and the secured party no longer has an interest in the collateral. To ensure the South Dakota Sample Letter for UCC-3 Termination Statement is accurate and valid, the following information should be included: 1. Debtor Information: The legal name and address of the debtor should be provided in the termination statement. It is essential to provide the same information used in the original UCC-1 Financing Statement for consistency. 2. Secured Party Information: The legal name and address of the secured party or lien holder should be stated clearly in the termination statement. Again, consistency with the information used in the original UCC-1 Financing Statement is crucial. 3. Financing Statement Information: The original filing number, date, and the filing office where the UCC-1 Financing Statement was filed should be mentioned in the termination statement. This information helps to identify the specific UCC filing being terminated. 4. Collateral Description: The collateral that is being released or terminated should be described accurately. This could include specific details such as make, model, serial number, or a general description if multiple items are involved. 5. Signature and Authorization: The termination statement must be signed by an authorized representative of the debtor or secured party. This signature serves as confirmation of their intent to terminate the UCC filing. Once the South Dakota Sample Letter for UCC-3 Termination Statement is drafted, it should be submitted to the appropriate filing office in South Dakota. The filing office is usually the Secretary of State or another designated agency responsible for maintaining UCC records. Please note that while this letter provides a general overview of a South Dakota Sample Letter for UCC-3 Termination Statement, it is important to consult with legal professionals or a trusted advisor for accurate guidance and to ensure compliance with specific state laws and regulations. Should you require any further assistance or have any questions, please do not hesitate to reach out. Yours sincerely, [Your Name]

Dear [Recipient's Name], I hope this letter finds you well. I am writing to provide you with a detailed description of what a South Dakota Sample Letter for UCC-3 Termination Statement entails. The UCC-3 Termination Statement is a legal document used to officially terminate a Uniform Commercial Code (UCC) financing statement in South Dakota. A UCC-3 Termination Statement is required when a loan, lease, or security interest has been satisfied or released. This document acts as proof that the secured party no longer has a claim or interest in the collateral mentioned in the original UCC filing. In South Dakota, there are several types of UCC-3 Termination Statements, depending on the specific circumstances. These include: 1. Voluntary Termination: This type of termination occurs when the debtor fulfills their obligations, and the secured party voluntarily releases their interest in the collateral. The debtor or secured party can initiate this termination by submitting a UCC-3 Termination Statement to the appropriate filing office in South Dakota. 2. Partial Release: This type of termination is applicable when the debtor, secured party, or obliged wants to terminate a portion of the security interest or collateral covered under the original UCC-1 Financing Statement. The UCC-3 Termination Statement should clearly specify which part of the collateral is being released. 3. Full Release: A full release termination statement is required to terminate the entire UCC-1 Financing Statement. This typically occurs when the debtor satisfies the obligations associated with the loan or lease in its entirety, and the secured party no longer has an interest in the collateral. To ensure the South Dakota Sample Letter for UCC-3 Termination Statement is accurate and valid, the following information should be included: 1. Debtor Information: The legal name and address of the debtor should be provided in the termination statement. It is essential to provide the same information used in the original UCC-1 Financing Statement for consistency. 2. Secured Party Information: The legal name and address of the secured party or lien holder should be stated clearly in the termination statement. Again, consistency with the information used in the original UCC-1 Financing Statement is crucial. 3. Financing Statement Information: The original filing number, date, and the filing office where the UCC-1 Financing Statement was filed should be mentioned in the termination statement. This information helps to identify the specific UCC filing being terminated. 4. Collateral Description: The collateral that is being released or terminated should be described accurately. This could include specific details such as make, model, serial number, or a general description if multiple items are involved. 5. Signature and Authorization: The termination statement must be signed by an authorized representative of the debtor or secured party. This signature serves as confirmation of their intent to terminate the UCC filing. Once the South Dakota Sample Letter for UCC-3 Termination Statement is drafted, it should be submitted to the appropriate filing office in South Dakota. The filing office is usually the Secretary of State or another designated agency responsible for maintaining UCC records. Please note that while this letter provides a general overview of a South Dakota Sample Letter for UCC-3 Termination Statement, it is important to consult with legal professionals or a trusted advisor for accurate guidance and to ensure compliance with specific state laws and regulations. Should you require any further assistance or have any questions, please do not hesitate to reach out. Yours sincerely, [Your Name]