This form is an official UCC form which complies with all applicable Federal codes and statutes. USLF updates all Federal forms as is required by Federal statutes and law.
Evansville Indiana UCC3 Financing Statement Amendment is a legal document that is used to update or make changes to an existing UCC3 financing statement in Evansville, Indiana. UCC3 refers to the Uniform Commercial Code, which is a set of laws governing commercial transactions in the United States. A UCC3 financing statement is typically filed to establish a creditor's security interest in certain collateral provided by a debtor. The Evansville Indiana UCC3 Financing Statement Amendment allows individuals or businesses that have previously filed a UCC3 financing statement to modify specific details or add new information to reflect changes in their financial arrangements. This amendment is important because it ensures accuracy and provides transparency in commercial transactions by reflecting the most current and accurate information about the parties involved. There are several types of Evansville Indiana UCC3 Financing Statement Amendments that may be filed, depending on the specific changes required. Some common types include: 1. Termination Amendment: This type of amendment is filed when the secured party wants to terminate or release its security interest in the collateral. It effectively marks the end of a creditor's claim on the specified collateral. 2. Continuation Amendment: A continuation amendment is filed to extend the duration of a UCC3 financing statement. Under the UCC, a financing statement has a limited lifespan, usually five years. A continuation amendment prevents the statement from expiring and maintains the creditor's priority over other potential claimants. 3. Assignment Amendment: An assignment amendment is filed when a creditor assigns its interest in the collateral to another party. This amendment reflects that the secured party has transferred its rights to a new entity or individual. 4. Amendments to Change Collateral Description: If there are changes to the collateral description originally listed in the UCC3 financing statement, an amendment is filed to update and accurately reflect the new collateral details. 5. Amendments to Add or Change Debtor Information: This type of amendment is filed when there are changes in debtor information, such as name, address, or other identifying details. It is crucial to ensure the accuracy of debtor information for proper identification in any future transactions. Overall, Evansville Indiana UCC3 Financing Statement Amendment plays a vital role in maintaining accurate and up-to-date records of secured transactions. It is essential for both the creditors and debtors involved to ensure that any necessary amendments are promptly filed to reflect changes accurately and protect their rights in commercial transactions.
