UCC3 - Financing Statement Amendment - Texas - 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.
Beaumont, Texas UCC3 Financing Statement Amendment is an essential legal document used in the state of Texas to modify or update a previously filed UCC3 Financing Statement. UCC stands for "Uniform Commercial Code," a set of laws governing commercial transactions. A UCC3 Financing Statement is initially filed to establish a creditor's security interest in specific collateral pledged by a debtor against a loan or credit transaction. However, certain circumstances may require amendments to be made to the original statement. These amendments can be categorized into several types, including the following: 1. Name Change Amendment: This type of amendment is filed when either the debtor or the secured party changes their legal name. It ensures that accurate information is reflected in the UCC3 Financing Statement, maintaining the integrity and validity of the filing. 2. Collateral Addition or Removal Amendment: In cases where additional collateral is added to the existing security interest or collateral is released, a UCC3 Financing Statement Amendment is filed. This amendment ensures that the statement represents the updated collateral associated with the creditor's security interest. 3. Assignment Amendment: When a security interest is assigned or transferred from one secured party to another, an assignment amendment is filed. This type of amendment updates the creditor information, reflecting the change in the secured party. 4. Amendment for Change in Terms: If there are modifications to the terms and conditions of the original financing statement, an amendment is filed to capture these changes accurately. It could include alterations to repayment terms, interest rates, or other crucial aspects of the credit transaction. 5. Termination Amendment: Once a debt is satisfied, a termination amendment is filed to release the security interest held by the creditor. This ensures that the collateral is no longer encumbered, allowing the debtor to enjoy a free and clear title. Properly executing a Beaumont, Texas UCC3 Financing Statement Amendment is paramount to preserve the rights and priority of a secured party. It prevents potential disputes and ensures compliance with applicable legal requirements. In conclusion, the Beaumont, Texas UCC3 Financing Statement Amendment is a legal document used to update or modify an original UCC3 Financing Statement. With different types of amendments such as name change, collateral addition or removal, assignment, change in terms, and termination, it allows parties involved in a credit transaction to accurately reflect changes in their contractual agreements and maintain the validity and accuracy of the UCC filing.
