Knoxville Tennessee UCC3 Financing Statement Amendment

• Category: Tennessee Contracts - Uniform Commercial Code
• State: Tennessee
• City: Knoxville
• Control #: TN-UCC3
• Format: PDF

Description

UCC3 - Financing Statement Amendment - Tennessee - 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 in Knoxville, Tennessee refers to a legal document that is filed to alter or update the information included in an existing UCC3 financing statement. This amendment is typically submitted when there has been a change in the original filing information or when additional information needs to be added to the statement. The UCC3 Financing Statement Amendment is governed by the Uniform Commercial Code (UCC), a standard set of laws across the United States that regulate commercial transactions. In Knoxville, Tennessee, individuals and businesses use this form to modify their UCC3 financing statements and comply with legal requirements. The purpose of filing a UCC3 Financing Statement Amendment is to provide public notice of any changes related to the financing statement, ensuring accurate and up-to-date information for creditors and other interested parties. It helps protect the rights of secured parties and establishes priority in case of competing claims over the same collateral. Different types of UCC3 Financing Statement Amendments in Knoxville, Tennessee include: 1. Change in Collateral: If the original financing statement listed collateral that needs to be changed or modified, such as adding or removing assets, this type of amendment is filed. For instance, if a business initially filed a financing statement for equipment and then adds additional machinery, a UCC3 amendment would be required. 2. Amendment to Debtor Information: When there is a change in the debtor's name, address, or other details, an amendment must be filed to update this information. This could occur due to a change in ownership or address of the debtor. 3. Assignment or Termination: If the secured party wants to assign their interest in the collateral to another party or terminate the financing statement altogether, a UCC3 Financing Statement Amendment must be filed to reflect these changes. 4. Adding Additional Secured Parties: If there is a need to add additional secured parties to an existing financing statement, a UCC3 amendment is filed to include their information and establish their rights. 5. Release of Collateral: A UCC3 Financing Statement Amendment can also be used to release certain collateral from the existing financing statement. This typically occurs when the debt is fully repaid, and the secured party no longer has an interest in the collateral. Submission of a UCC3 Financing Statement Amendment in Knoxville, Tennessee involves completing the required form, providing relevant information about the changes, and paying the appropriate filing fees. It is essential to ensure accurate and correct information is included in the amendment to avoid any legal complications or issues in the future.

A UCC3 Financing Statement Amendment in Knoxville, Tennessee refers to a legal document that is filed to alter or update the information included in an existing UCC3 financing statement. This amendment is typically submitted when there has been a change in the original filing information or when additional information needs to be added to the statement. The UCC3 Financing Statement Amendment is governed by the Uniform Commercial Code (UCC), a standard set of laws across the United States that regulate commercial transactions. In Knoxville, Tennessee, individuals and businesses use this form to modify their UCC3 financing statements and comply with legal requirements. The purpose of filing a UCC3 Financing Statement Amendment is to provide public notice of any changes related to the financing statement, ensuring accurate and up-to-date information for creditors and other interested parties. It helps protect the rights of secured parties and establishes priority in case of competing claims over the same collateral. Different types of UCC3 Financing Statement Amendments in Knoxville, Tennessee include: 1. Change in Collateral: If the original financing statement listed collateral that needs to be changed or modified, such as adding or removing assets, this type of amendment is filed. For instance, if a business initially filed a financing statement for equipment and then adds additional machinery, a UCC3 amendment would be required. 2. Amendment to Debtor Information: When there is a change in the debtor's name, address, or other details, an amendment must be filed to update this information. This could occur due to a change in ownership or address of the debtor. 3. Assignment or Termination: If the secured party wants to assign their interest in the collateral to another party or terminate the financing statement altogether, a UCC3 Financing Statement Amendment must be filed to reflect these changes. 4. Adding Additional Secured Parties: If there is a need to add additional secured parties to an existing financing statement, a UCC3 amendment is filed to include their information and establish their rights. 5. Release of Collateral: A UCC3 Financing Statement Amendment can also be used to release certain collateral from the existing financing statement. This typically occurs when the debt is fully repaid, and the secured party no longer has an interest in the collateral. Submission of a UCC3 Financing Statement Amendment in Knoxville, Tennessee involves completing the required form, providing relevant information about the changes, and paying the appropriate filing fees. It is essential to ensure accurate and correct information is included in the amendment to avoid any legal complications or issues in the future.