Allentown Pennsylvania UCC3 Financing Statement Amendment is a legal document that serves to modify or update the information contained in a financing statement filed under the Uniform Commercial Code (UCC) regulations in the state of Pennsylvania. A UCC3 Financing Statement Amendment is typically filed when there are changes or inaccuracies in the original financing statement that need to be corrected, such as updates to debtor information, amendments to collateral descriptions, or revisions to the original filing. This amendment ensures that the public record accurately reflects the current status and details of the financial arrangement between the debtor (borrower) and secured party (lender). Common scenarios that may require an Allentown Pennsylvania UCC3 Financing Statement Amendment include: 1. Change in debtor's name: If the debtor (individual or business entity) changes its legal name or any part of its name, a UCC3 amendment is necessary to update the financing statement. This change could be due to marriage, divorce, incorporation, or any other name change event. 2. Addition or removal of collateral: When it becomes necessary to modify the description of the collateral covered by the financing statement, a UCC3 amendment is filed. This can include adding new collateral that was not included in the original filing or removing collateral that is no longer part of the security agreement. 3. Assignment or transfer of interest: If the secured party assigns, transfers, or sells its interest in the collateral to another party, a UCC3 amendment is filed to update the information regarding the secured party. 4. Termination or partial release of security interest: If the debtor has fully paid off the debt or if there is a partial release of collateral, a UCC3 amendment is filed to terminate or modify the original security interest. 5. Other changes: In some cases, there may be other changes or updates required, such as amendments to addresses, changes in jurisdiction, or corrections of filing errors. Any modification that alters the information provided in the original financing statement necessitates a UCC3 amendment. By filing an Allentown Pennsylvania UCC3 Financing Statement Amendment, individuals, businesses, and lenders ensure that the public record accurately reflects the current state of their financial arrangement. This legal document guarantees transparency and clarity in commercial transactions, protecting the rights and interests of all parties involved.