Wake North Carolina UCC3 Financing Statement Amendment

• Category: North Carolina Contracts - Uniform Commercial Code
• State: North Carolina
• County: Wake
• 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. A UCC3 Financing Statement Amendment, specific to Wake, North Carolina, refers to a legal document that is filed to modify or update existing information on a UCC (Uniform Commercial Code) Financing Statement. This amendment is essential for creditors, lenders, and other interested parties to ensure accurate and current information. By making these amendments, the parties involved can protect their interests in secured transactions. Keywords: Wake, North Carolina, UCC3 Financing Statement Amendment, legal document, modify, update, UCC, Financing Statement, creditors, lenders, interested parties, accurate, current information, protect, secured transactions. In Wake, North Carolina, there are various types of UCC3 Financing Statement Amendments, each catering to a specific need or change in the original financing statement. These types include: 1. Amendment to Add Debtor(s): This type of amendment is filed when there is a need to add additional debtors to the existing financing statement. It enables creditors to expand their collateral rights to include new debtors, ensuring comprehensive protection for their loans or transactions. 2. Amendment to Remove Debtor(s): If a debtor is no longer a party to the secured transaction or loan, an amendment for removing the debtor's name from the financing statement is filed. This amendment is crucial to reflect any changes in the debtor's entity, such as bankruptcy, change in ownership, or complete repayment of the debt. 3. Amendment to Change Collateral Description: In certain situations, the collateral described in the original financing statement may need to be modified or clarified. This amendment ensures that the collateral description accurately represents the assets securing the loan or transaction, reducing ambiguities or misunderstandings. 4. Amendment to Change Secured Party Information: When a creditor or lender transfers its interest in a secured transaction to another party, an amendment is filed to update the secured party information. It reflects the change in ownership or assigns the rights and interests to a new secured party. 5. Amendment to Extend UCC Filing: This amendment is filed to extend the validity period of the UCC financing statement. Typically, UCC statements expire after a specific period, and an amendment is necessary to prolong the filing's effectiveness and continue securing the underlying transaction. 6. Amendments to Correct Errors or Omissions: In case of any errors, inaccuracies, or omissions in the original financing statement, amendments are filed to rectify these issues. These amendments ensure the accuracy and completeness of the recorded information, preventing any potential disputes or challenges. Overall, Wake, North Carolina UCC3 Financing Statement Amendments enable creditors, lenders, and interested parties to protect their financial interests and maintain accurate records of secured transactions. By utilizing these amendments, parties can adapt to changes, correct errors, and update information in a timely and legally compliant manner.

A UCC3 Financing Statement Amendment, specific to Wake, North Carolina, refers to a legal document that is filed to modify or update existing information on a UCC (Uniform Commercial Code) Financing Statement. This amendment is essential for creditors, lenders, and other interested parties to ensure accurate and current information. By making these amendments, the parties involved can protect their interests in secured transactions. Keywords: Wake, North Carolina, UCC3 Financing Statement Amendment, legal document, modify, update, UCC, Financing Statement, creditors, lenders, interested parties, accurate, current information, protect, secured transactions. In Wake, North Carolina, there are various types of UCC3 Financing Statement Amendments, each catering to a specific need or change in the original financing statement. These types include: 1. Amendment to Add Debtor(s): This type of amendment is filed when there is a need to add additional debtors to the existing financing statement. It enables creditors to expand their collateral rights to include new debtors, ensuring comprehensive protection for their loans or transactions. 2. Amendment to Remove Debtor(s): If a debtor is no longer a party to the secured transaction or loan, an amendment for removing the debtor's name from the financing statement is filed. This amendment is crucial to reflect any changes in the debtor's entity, such as bankruptcy, change in ownership, or complete repayment of the debt. 3. Amendment to Change Collateral Description: In certain situations, the collateral described in the original financing statement may need to be modified or clarified. This amendment ensures that the collateral description accurately represents the assets securing the loan or transaction, reducing ambiguities or misunderstandings. 4. Amendment to Change Secured Party Information: When a creditor or lender transfers its interest in a secured transaction to another party, an amendment is filed to update the secured party information. It reflects the change in ownership or assigns the rights and interests to a new secured party. 5. Amendment to Extend UCC Filing: This amendment is filed to extend the validity period of the UCC financing statement. Typically, UCC statements expire after a specific period, and an amendment is necessary to prolong the filing's effectiveness and continue securing the underlying transaction. 6. Amendments to Correct Errors or Omissions: In case of any errors, inaccuracies, or omissions in the original financing statement, amendments are filed to rectify these issues. These amendments ensure the accuracy and completeness of the recorded information, preventing any potential disputes or challenges. Overall, Wake, North Carolina UCC3 Financing Statement Amendments enable creditors, lenders, and interested parties to protect their financial interests and maintain accurate records of secured transactions. By utilizing these amendments, parties can adapt to changes, correct errors, and update information in a timely and legally compliant manner.