Hillsboro Oregon UCC Financing Statement Amendment

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

Description

UCC Financing Statement Amendment Hillsboro Oregon UCC Financing Statement Amendment refers to a legal document filed to modify or update an existing UCC (Uniform Commercial Code) financing statement in the city of Hillsboro, Oregon. UCC financing statements are commonly filed by entities or individuals who have a security interest in personal property, such as equipment, inventory, or accounts receivable, to assert their rights over the collateral. The purpose of a Hillsboro Oregon UCC Financing Statement Amendment is to make changes to the original filing, either to correct errors or to reflect new information. Some common reasons for amending a UCC financing statement include updating debtor information (name, address), adding or removing collateral, extending the duration of the filing, or making other necessary revisions. Different types of Hillsboro Oregon UCC Financing Statement Amendments may include: 1. Corrective Amendment: This type of amendment is filed when there are errors or inaccuracies in the original UCC financing statement. It aims to rectify any mistakes in debtor information, collateral description, or other relevant details. 2. Collateral Addition Amendment: When a secured party wishes to add additional collateral to an existing UCC filing, they file a collateral addition amendment. This ensures that the new collateral is properly included in the existing financing statement, protecting the secured party's interest. 3. Collateral Removal Amendment: On occasion, a secured party may want to remove specific collateral from an existing UCC financing statement. This amendment ensures the removal of collateral no longer of interest to the secured party, while maintaining the validity of the original filing for remaining collateral. 4. Continuation Amendment: UCC financing statements have a limited duration, typically lasting for five years. A continuation amendment is filed to extend the effectiveness of the original filing before it expires. This amendment secures the secured party's interest for an additional period. 5. Termination Amendment: When a secured party's interest in the collateral is no longer active or has been fully satisfied, they file a termination amendment. This legally declares the end of the security interest and removes it from public record. It is essential to ensure the accuracy and compliance of the filed amendment to maintain the secured party's rights over the collateral. Consulting legal professionals or utilizing online resources specifically designed for UCC filings in Hillsboro, Oregon, can help navigate the process smoothly.

Hillsboro Oregon UCC Financing Statement Amendment refers to a legal document filed to modify or update an existing UCC (Uniform Commercial Code) financing statement in the city of Hillsboro, Oregon. UCC financing statements are commonly filed by entities or individuals who have a security interest in personal property, such as equipment, inventory, or accounts receivable, to assert their rights over the collateral. The purpose of a Hillsboro Oregon UCC Financing Statement Amendment is to make changes to the original filing, either to correct errors or to reflect new information. Some common reasons for amending a UCC financing statement include updating debtor information (name, address), adding or removing collateral, extending the duration of the filing, or making other necessary revisions. Different types of Hillsboro Oregon UCC Financing Statement Amendments may include: 1. Corrective Amendment: This type of amendment is filed when there are errors or inaccuracies in the original UCC financing statement. It aims to rectify any mistakes in debtor information, collateral description, or other relevant details. 2. Collateral Addition Amendment: When a secured party wishes to add additional collateral to an existing UCC filing, they file a collateral addition amendment. This ensures that the new collateral is properly included in the existing financing statement, protecting the secured party's interest. 3. Collateral Removal Amendment: On occasion, a secured party may want to remove specific collateral from an existing UCC financing statement. This amendment ensures the removal of collateral no longer of interest to the secured party, while maintaining the validity of the original filing for remaining collateral. 4. Continuation Amendment: UCC financing statements have a limited duration, typically lasting for five years. A continuation amendment is filed to extend the effectiveness of the original filing before it expires. This amendment secures the secured party's interest for an additional period. 5. Termination Amendment: When a secured party's interest in the collateral is no longer active or has been fully satisfied, they file a termination amendment. This legally declares the end of the security interest and removes it from public record. It is essential to ensure the accuracy and compliance of the filed amendment to maintain the secured party's rights over the collateral. Consulting legal professionals or utilizing online resources specifically designed for UCC filings in Hillsboro, Oregon, can help navigate the process smoothly.