Title: UCC3 Form Texas: Understanding Its Purpose and Types Introduction: In the state of Texas, the UCC3 form plays a vital role in regulating secured transactions and ensuring the transparency of financial agreements. This article aims to provide a comprehensive description of what UCC3 form Texas entails, its purpose, and various types if applicable. 1. Definition and Purpose: The UCC3 form, also known as the Financing Statement Amendment, is an essential legal document filed in Texas under the Uniform Commercial Code (UCC). Its primary purpose is to record any changes or amendments made to an existing Financing Statement (UCC1) relating to a security interest in personal property. 2. Types of UCC3 Form Texas: a) UCC3 Form — Amendment: This type of UCC3 form is used to make changes to the original Financing Statement filed. These changes may include terminations, assignments, amendments to debtor or secured party information, collateral descriptions, or other modifications. b) UCC3 Form — Partial Release: If part of the collateral is being released or satisfied, this form is filed to reflect the partial release of the secured interest. It provides clear documentation of the released assets while maintaining the security interest in any remaining assets. c) UCC3 Form — Continuation: When the validity period of a filed Financing Statement is set to expire, the UCC3 continuation form is filed to extend the duration. This ensures that the secured party's rights are adequately maintained beyond the initial expiration date. d) UCC3 Form — Assignment: In case of a transfer or assignment of a security interest from one secured party to another, the UCC3 assignment form is used. This form documents the new secured party's information and their interest in the collateral. 3. Key Elements of UCC3 Form: a) Identification Information: The UCC3 form requires accurate identification of both the debtor and secured party, including their legal names and addresses. b) Collateral Details: Precise descriptions of the collateral subject to the security interest must be provided. This may include specific item details, general category descriptions, or other relevant information to identify the property involved. c) Amendments or Changes: Any amendments or modifications made to the original Financing Statement are clearly stated, ensuring accurate recording and reflecting the changes. d) Signatures: The UCC3 form requires the signatures of relevant parties involved, i.e., the debtor, secured party, and possibly others based on the specific amendment or transaction. Conclusion: Understanding the various types of UCC3 forms in Texas are essential for businesses and individuals involved in secured transactions. Whether filing an amendment, partial release, continuation, or assignment, correctly completing and filing these forms ensures compliance with state laws and serves to protect the rights and interests of involved parties.