Bend Oregon Ucc Financing Statement Amendment

• Category: Oregon Court Samples - Uniform Laws - Commercial Code - Financing Statements - Samples
• State: Oregon
• City: Bend
• Control #: OR-HJ-345-01
• Format: PDF

Description

Ucc Financing Statement Amendment The Bend Oregon UCC (Uniform Commercial Code) Financing Statement Amendment is a legal document used to revise or update an existing financing statement related to a security interest on personal property. This amendment is governed by the Oregon UCC statutes and is crucial for individuals and businesses to ensure the accuracy and enforceability of their secured transactions in Bend, Oregon. When a party initially files a UCC financing statement to protect their interest in collateral, they may need to make changes to the statement later on. The Bend Oregon UCC Financing Statement Amendment allows for modifications, corrections, or supplemental information to be recorded, ensuring that the public record accurately reflects the latest terms and conditions of the security agreement. Some common types of Bend Oregon UCC Financing Statement Amendments may include: 1. Change in Collateral Description: In cases where the original collateral description in the financing statement is incorrect or incomplete, an amendment allows for the necessary updates to accurately represent the collateral involved. 2. Amendment of Secured Party Information: If there are changes in the secured party's name, address, or any other identifying information, an amendment is required to reflect the new details in the public record. 3. Termination or Partial Release of Security Interest: When a secured party wishes to release their security interest in part or in whole, an amendment is filed to indicate the revised status of the security agreement. This can happen when a loan is partially paid off or a certain asset is no longer being used as collateral. 4. Continuation: The UCC financing statement typically has a specific duration of effectiveness. To extend the validity period beyond the initial expiration, a continuation amendment is filed to maintain the security interest's priority. It's important to note that the Bend Oregon UCC Financing Statement Amendment must be filed with the Oregon Secretary of State or the appropriate county office where the initial financing statement was recorded. This filing not only updates the public record but also ensures that all interested parties have access to the latest information concerning the security interest. Overall, the Bend Oregon UCC Financing Statement Amendment is an essential tool for individuals and businesses engaging in secured transactions in Bend, Oregon, allowing them to make changes, corrections, or updates to their existing financing statements while maintaining legal compliance with UCC regulations.

The Bend Oregon UCC (Uniform Commercial Code) Financing Statement Amendment is a legal document used to revise or update an existing financing statement related to a security interest on personal property. This amendment is governed by the Oregon UCC statutes and is crucial for individuals and businesses to ensure the accuracy and enforceability of their secured transactions in Bend, Oregon. When a party initially files a UCC financing statement to protect their interest in collateral, they may need to make changes to the statement later on. The Bend Oregon UCC Financing Statement Amendment allows for modifications, corrections, or supplemental information to be recorded, ensuring that the public record accurately reflects the latest terms and conditions of the security agreement. Some common types of Bend Oregon UCC Financing Statement Amendments may include: 1. Change in Collateral Description: In cases where the original collateral description in the financing statement is incorrect or incomplete, an amendment allows for the necessary updates to accurately represent the collateral involved. 2. Amendment of Secured Party Information: If there are changes in the secured party's name, address, or any other identifying information, an amendment is required to reflect the new details in the public record. 3. Termination or Partial Release of Security Interest: When a secured party wishes to release their security interest in part or in whole, an amendment is filed to indicate the revised status of the security agreement. This can happen when a loan is partially paid off or a certain asset is no longer being used as collateral. 4. Continuation: The UCC financing statement typically has a specific duration of effectiveness. To extend the validity period beyond the initial expiration, a continuation amendment is filed to maintain the security interest's priority. It's important to note that the Bend Oregon UCC Financing Statement Amendment must be filed with the Oregon Secretary of State or the appropriate county office where the initial financing statement was recorded. This filing not only updates the public record but also ensures that all interested parties have access to the latest information concerning the security interest. Overall, the Bend Oregon UCC Financing Statement Amendment is an essential tool for individuals and businesses engaging in secured transactions in Bend, Oregon, allowing them to make changes, corrections, or updates to their existing financing statements while maintaining legal compliance with UCC regulations.