Eugene Oregon UCC Financing Statement Amendment

• Category: Oregon Court Samples - Uniform Laws - Commercial Code
• State: Oregon
• City: Eugene
• Control #: OR-HJ-617
• Format: PDF

Description

UCC Financing Statement Amendment Eugene Oregon UCC Financing Statement Amendment is a legal process that allows individuals or businesses to modify or update their existing UCC (Uniform Commercial Code) financing statements filed with the Secretary of State's office in Eugene, Oregon. This amendment is crucial in ensuring accurate and current information about a debtor or secured party's financial interest in collateral is reflected in the public record. The Eugene Oregon UCC Financing Statement Amendment can encompass different types, depending on the specific changes being made. Here are some common classifications: 1. Name Amendment: This amendment type is utilized when either the debtor or secured party's legal name has changed. It is essential to update the financing statement with the new name to avoid discrepancies in identifying the parties involved and to maintain the priority of the secured party's interest. 2. Address Amendment: When an individual or business changes their address, it is necessary to file an amendment to reflect this change accurately. This ensures that all official correspondence and notifications related to the UCC filing are directed to the correct address. 3. Secured Party Amendment: In situations where there is a need to modify the secured party's information, such as a change in their name or address, a secured party amendment is filed. This ensures accurate identification and contact information for the party holding the security interest in the collateral. 4. Collateral Amendment: If there is a need to add or remove collateral from the existing financing statement, a collateral amendment is filed. This includes providing detailed descriptions of the collateral affected and any necessary changes to reflect accurate information. 5. Termination Amendment: When a debtor has paid off a debt or a secured party's interest has been satisfied, they can file a termination amendment to remove the UCC financing statement from the public record. This amendment ensures that the collateral is no longer encumbered by the UCC filing. To initiate the Eugene Oregon UCC Financing Statement Amendment, individuals or businesses need to prepare the required documentation, typically including the original UCC financing statement, the applicable amendment form, and any supporting documents relevant to the specific amendment type. It is important to address any discrepancies and ensure that all changes are accurately reflected in the amendment filing. The Eugene Oregon UCC Financing Statement Amendment plays a critical role in maintaining the accuracy and integrity of UCC filings in Oregon. It allows for up-to-date information regarding debtors, secured parties, and collateral to be reflected in the public record, enabling transparency and providing a clear understanding of financial interests.

Eugene Oregon UCC Financing Statement Amendment is a legal process that allows individuals or businesses to modify or update their existing UCC (Uniform Commercial Code) financing statements filed with the Secretary of State's office in Eugene, Oregon. This amendment is crucial in ensuring accurate and current information about a debtor or secured party's financial interest in collateral is reflected in the public record. The Eugene Oregon UCC Financing Statement Amendment can encompass different types, depending on the specific changes being made. Here are some common classifications: 1. Name Amendment: This amendment type is utilized when either the debtor or secured party's legal name has changed. It is essential to update the financing statement with the new name to avoid discrepancies in identifying the parties involved and to maintain the priority of the secured party's interest. 2. Address Amendment: When an individual or business changes their address, it is necessary to file an amendment to reflect this change accurately. This ensures that all official correspondence and notifications related to the UCC filing are directed to the correct address. 3. Secured Party Amendment: In situations where there is a need to modify the secured party's information, such as a change in their name or address, a secured party amendment is filed. This ensures accurate identification and contact information for the party holding the security interest in the collateral. 4. Collateral Amendment: If there is a need to add or remove collateral from the existing financing statement, a collateral amendment is filed. This includes providing detailed descriptions of the collateral affected and any necessary changes to reflect accurate information. 5. Termination Amendment: When a debtor has paid off a debt or a secured party's interest has been satisfied, they can file a termination amendment to remove the UCC financing statement from the public record. This amendment ensures that the collateral is no longer encumbered by the UCC filing. To initiate the Eugene Oregon UCC Financing Statement Amendment, individuals or businesses need to prepare the required documentation, typically including the original UCC financing statement, the applicable amendment form, and any supporting documents relevant to the specific amendment type. It is important to address any discrepancies and ensure that all changes are accurately reflected in the amendment filing. The Eugene Oregon UCC Financing Statement Amendment plays a critical role in maintaining the accuracy and integrity of UCC filings in Oregon. It allows for up-to-date information regarding debtors, secured parties, and collateral to be reflected in the public record, enabling transparency and providing a clear understanding of financial interests.