Raleigh North Carolina UCC3 Financing Statement Amendment

• Category: North Carolina Contracts - Uniform Commercial Code
• State: North Carolina
• City: Raleigh
• Control #: NC-UCC3
• Format: PDF

Description

UCC3 - Financing Statement Amendment - North Carolina - 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 Raleigh North Carolina UCC3 Financing Statement Amendment refers to the process of making changes or modifications to an existing UCC3 financing statement filed in relation to a secured transaction. Under the Uniform Commercial Code (UCC) in North Carolina, a UCC3 financing statement is typically filed to provide public notice of a creditor's interest in a debtor's personal property, such as collateral for a loan. However, situations may arise where amendments or revisions need to be made to the original filing, such as correcting errors, updating information, or extending the duration of the filing. There are different types of UCC3 Financing Statement Amendments possible in Raleigh, North Carolina: 1. Correction Amendment: This type of amendment is filed to rectify errors or mistakes that occurred in the original UCC3 financing statement. It might involve correcting a typographical error or updating inaccurate information regarding the debtor or secured party. 2. Termination Amendment: If the secured debt has been repaid or the underlying loan has been satisfied, a termination amendment is filed to cancel the UCC3 financing statement. This amendment effectively removes the creditor's interest in the debtor's collateral, clearing the title on the property. 3. Continuation Amendment: A continuation amendment is filed to extend the duration of a UCC3 financing statement filing. The original filing is valid for a predetermined period, typically five years, after which the creditor may file a continuation amendment to maintain their priority over the collateral. This amendment ensures that the creditor's interest remains active and legally effective. 4. Assignment Amendment: In case there is a change in the secured party or if the creditor assigns their rights to another party, an assignment amendment is filed to reflect this transfer. This amendment notifies the public of the new secured party who has taken over the rights and interest in the debtor's collateral. 5. Amendment Adding Collateral: If additional collateral is added to the existing UCC3 financing statement, an amendment adding collateral is filed to provide public notice of the expanded scope of the secured party's interest. This amendment includes details of the additional property or assets that are now covered by the existing financing statement. It is essential to file these UCC3 financing statement amendments correctly to ensure the accuracy of public record and maintain the legal rights of all involved parties. Failure to file these amendments in a timely and accurate manner may result in potential complications or loss of security interests. Therefore, it is advisable to consult legal professionals or experts proficient in UCC laws when engaging in such amendments in Raleigh, North Carolina.

The Raleigh North Carolina UCC3 Financing Statement Amendment refers to the process of making changes or modifications to an existing UCC3 financing statement filed in relation to a secured transaction. Under the Uniform Commercial Code (UCC) in North Carolina, a UCC3 financing statement is typically filed to provide public notice of a creditor's interest in a debtor's personal property, such as collateral for a loan. However, situations may arise where amendments or revisions need to be made to the original filing, such as correcting errors, updating information, or extending the duration of the filing. There are different types of UCC3 Financing Statement Amendments possible in Raleigh, North Carolina: 1. Correction Amendment: This type of amendment is filed to rectify errors or mistakes that occurred in the original UCC3 financing statement. It might involve correcting a typographical error or updating inaccurate information regarding the debtor or secured party. 2. Termination Amendment: If the secured debt has been repaid or the underlying loan has been satisfied, a termination amendment is filed to cancel the UCC3 financing statement. This amendment effectively removes the creditor's interest in the debtor's collateral, clearing the title on the property. 3. Continuation Amendment: A continuation amendment is filed to extend the duration of a UCC3 financing statement filing. The original filing is valid for a predetermined period, typically five years, after which the creditor may file a continuation amendment to maintain their priority over the collateral. This amendment ensures that the creditor's interest remains active and legally effective. 4. Assignment Amendment: In case there is a change in the secured party or if the creditor assigns their rights to another party, an assignment amendment is filed to reflect this transfer. This amendment notifies the public of the new secured party who has taken over the rights and interest in the debtor's collateral. 5. Amendment Adding Collateral: If additional collateral is added to the existing UCC3 financing statement, an amendment adding collateral is filed to provide public notice of the expanded scope of the secured party's interest. This amendment includes details of the additional property or assets that are now covered by the existing financing statement. It is essential to file these UCC3 financing statement amendments correctly to ensure the accuracy of public record and maintain the legal rights of all involved parties. Failure to file these amendments in a timely and accurate manner may result in potential complications or loss of security interests. Therefore, it is advisable to consult legal professionals or experts proficient in UCC laws when engaging in such amendments in Raleigh, North Carolina.