UCC3 - Financing Statement Amendment - Michigan - 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.
Ann Arbor Michigan UCC3 Financing Statement Amendment refers to the process of modifying or updating a financing statement filed under the Uniform Commercial Code (UCC) in the state of Michigan, specifically in Ann Arbor. A UCC3 Financing Statement Amendment serves to make changes to the original financing statement, reflecting new information, correcting errors, or adding additional collateral. In Ann Arbor, Michigan, UCC3 Financing Statement Amendment allows individuals, businesses, or creditors to update the existing filing to ensure accurate, current, and effective information is provided to interested parties. This amendment includes various types, each serving a specific purpose: 1. Name Change Amendment: This type of UCC3 Financing Statement Amendment is used when a debtor or secured party's legal name has changed due to marriage, divorce, or other reasons. It ensures that the financing statement reflects the updated name of the individual or business entity involved. 2. Collateral Addition Amendment: When a debtor wants to include additional assets or property as collateral, they can file a UCC3 Financing Statement Amendment to reflect these additions accurately. This type of amendment expands the range of secured property and provides notice to other potential creditors. 3. Collateral Release Amendment: In cases where the debtor has paid off a loan or satisfied the obligations associated with a secured transaction, they can file a UCC3 Financing Statement Amendment to release the collateral or remove it from the financing statement. This amendment notifies other creditors that the specified collateral is no longer encumbered. 4. Assignment Amendment: If a secured party wants to assign their interest in a financing statement to another party, they may file a UCC3 Financing Statement Amendment to effectuate the assignment. This ensures that the proper parties are notified of the change and accurately reflects the new secured party's information. To file the Ann Arbor Michigan UCC3 Financing Statement Amendment, individuals or businesses need to follow the guidelines provided by the Michigan Secretary of State's office. This typically involves filling out the necessary forms, providing the correct information, and paying the required fees. It is crucial to ensure accuracy and comply with all applicable laws to maintain the validity and enforceability of the financing statement. In conclusion, the Ann Arbor Michigan UCC3 Financing Statement Amendment is a process that allows individuals and businesses to modify or update their existing financing statements under the UCC. The different types of amendments include name change, collateral addition, collateral release, and assignment. By filing an amendment, debtors and secured parties can ensure accurate and up-to-date information is reflected in the financing statement, providing transparency and protection in commercial transactions.
Ann Arbor Michigan UCC3 Financing Statement Amendment refers to the process of modifying or updating a financing statement filed under the Uniform Commercial Code (UCC) in the state of Michigan, specifically in Ann Arbor. A UCC3 Financing Statement Amendment serves to make changes to the original financing statement, reflecting new information, correcting errors, or adding additional collateral. In Ann Arbor, Michigan, UCC3 Financing Statement Amendment allows individuals, businesses, or creditors to update the existing filing to ensure accurate, current, and effective information is provided to interested parties. This amendment includes various types, each serving a specific purpose: 1. Name Change Amendment: This type of UCC3 Financing Statement Amendment is used when a debtor or secured party's legal name has changed due to marriage, divorce, or other reasons. It ensures that the financing statement reflects the updated name of the individual or business entity involved. 2. Collateral Addition Amendment: When a debtor wants to include additional assets or property as collateral, they can file a UCC3 Financing Statement Amendment to reflect these additions accurately. This type of amendment expands the range of secured property and provides notice to other potential creditors. 3. Collateral Release Amendment: In cases where the debtor has paid off a loan or satisfied the obligations associated with a secured transaction, they can file a UCC3 Financing Statement Amendment to release the collateral or remove it from the financing statement. This amendment notifies other creditors that the specified collateral is no longer encumbered. 4. Assignment Amendment: If a secured party wants to assign their interest in a financing statement to another party, they may file a UCC3 Financing Statement Amendment to effectuate the assignment. This ensures that the proper parties are notified of the change and accurately reflects the new secured party's information. To file the Ann Arbor Michigan UCC3 Financing Statement Amendment, individuals or businesses need to follow the guidelines provided by the Michigan Secretary of State's office. This typically involves filling out the necessary forms, providing the correct information, and paying the required fees. It is crucial to ensure accuracy and comply with all applicable laws to maintain the validity and enforceability of the financing statement. In conclusion, the Ann Arbor Michigan UCC3 Financing Statement Amendment is a process that allows individuals and businesses to modify or update their existing financing statements under the UCC. The different types of amendments include name change, collateral addition, collateral release, and assignment. By filing an amendment, debtors and secured parties can ensure accurate and up-to-date information is reflected in the financing statement, providing transparency and protection in commercial transactions.