Chicago Illinois UCC3 Financing Statement Amendment

• Category: Illinois Contracts - Statewide - Uniform Commercial Code
• State: Illinois
• City: Chicago
• Control #: IL-UCC3
• Format: Word; PDF; Rich Text

Description

UCC3 - Financing Statement Amendment - Illinois - For use after July 1, 2001. This amendment is to be filed in the real estate records. This Financing Statement complies with all applicable state statutes. The Chicago Illinois UCC3 Financing Statement Amendment refers to a legal document that allows individuals or businesses in Chicago, Illinois, to modify or update information on an existing UCC3 financing statement. The UCC3 financing statement is a form that is typically filed with the Office of the Illinois Secretary of State to establish a security interest in personal property as collateral for a loan or other transaction. The Chicago Illinois UCC3 Financing Statement Amendment is necessary when there are changes or errors in the initial financing statement that need to be corrected or updated. This amendment ensures that all parties involved are aware of the current status of the collateral and any subsequent changes in ownership or liens. Some common reasons for filing a Chicago Illinois UCC3 Financing Statement Amendment include: 1. Change in debtor information: If the debtor's name or address has changed or was initially filed incorrectly, this amendment allows the creditor to update the information to reflect the accurate details. 2. Addition or removal of secured parties: In cases where there is a change in the secured party or multiple secured parties, this amendment provides a mechanism to revise the financing statement accordingly. 3. Collateral description modifications: If there is a need to modify the description of the collateral originally listed in the financing statement, such as adding or deleting specific items, this amendment is filed to reflect the accurate details. 4. Continuation of the financing statement: A UCC3 financing statement typically has a duration of five years. However, if the secured party wishes to extend the duration beyond the initial five-year period, they may file a continuation amendment to maintain their security interest. It is important to note that while the Chicago Illinois UCC3 Financing Statement Amendment is the general term, there may be different types or specific forms of amendments depending on the changes being made. For example, an amendment to correct debtor information will be different from an amendment to add or remove secured parties. Therefore, it is crucial to utilize the appropriate amendment form and provide accurate information to ensure the legality and effectiveness of the amendment filed.

The Chicago Illinois UCC3 Financing Statement Amendment refers to a legal document that allows individuals or businesses in Chicago, Illinois, to modify or update information on an existing UCC3 financing statement. The UCC3 financing statement is a form that is typically filed with the Office of the Illinois Secretary of State to establish a security interest in personal property as collateral for a loan or other transaction. The Chicago Illinois UCC3 Financing Statement Amendment is necessary when there are changes or errors in the initial financing statement that need to be corrected or updated. This amendment ensures that all parties involved are aware of the current status of the collateral and any subsequent changes in ownership or liens. Some common reasons for filing a Chicago Illinois UCC3 Financing Statement Amendment include: 1. Change in debtor information: If the debtor's name or address has changed or was initially filed incorrectly, this amendment allows the creditor to update the information to reflect the accurate details. 2. Addition or removal of secured parties: In cases where there is a change in the secured party or multiple secured parties, this amendment provides a mechanism to revise the financing statement accordingly. 3. Collateral description modifications: If there is a need to modify the description of the collateral originally listed in the financing statement, such as adding or deleting specific items, this amendment is filed to reflect the accurate details. 4. Continuation of the financing statement: A UCC3 financing statement typically has a duration of five years. However, if the secured party wishes to extend the duration beyond the initial five-year period, they may file a continuation amendment to maintain their security interest. It is important to note that while the Chicago Illinois UCC3 Financing Statement Amendment is the general term, there may be different types or specific forms of amendments depending on the changes being made. For example, an amendment to correct debtor information will be different from an amendment to add or remove secured parties. Therefore, it is crucial to utilize the appropriate amendment form and provide accurate information to ensure the legality and effectiveness of the amendment filed.