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.
Bexar County, located in Texas, follows the Uniform Commercial Code (UCC) regulations for financial transactions and security interests. One crucial aspect of UCC compliance in Bexar County is the UCC3 Financing Statement Amendment. This legal document allows individuals and businesses to modify or update previously filed financing statements. With the use of appropriate keywords, here is a detailed description of what the Bexar Texas UCC3 Financing Statement Amendment entails. A UCC3 Financing Statement Amendment in Bexar County is a legally binding document that serves to make amendments, corrections, or additions to an already filed financing statement. This amendment is necessary when there is a need to modify certain information or correct errors in the original filing of a financing statement in Bexar County. Some relevant keywords associated with the Bexar Texas UCC3 Financing Statement Amendment include: 1. UCC3: The UCC3 refers to the specific section of the Uniform Commercial Code that deals with the amendment of financing statements. 2. Financing Statement: A financing statement is a legal document that establishes a creditor's security interest in a debtor's collateral, ensuring that the creditor's rights are protected in case of default or bankruptcy. 3. Amendment: An amendment is a modification, correction, or addition made to a previously filed financing statement. 4. Bexar County: Bexar County, Texas, is the specific jurisdiction where the UCC3 Financing Statement Amendment is filed, following the guidelines and regulations of the county. 5. Security Interest: A security interest refers to the legal claim or right a creditor holds over a debtor's assets or collateral to secure the repayment of a debt or obligation. Different types of Bexar Texas UCC3 Financing Statement Amendments may include: 1. Correction Amendment: This type of amendment is filed when there are errors or mistakes in the original financing statement that need to be rectified. These errors could be typographical, clerical, or substantive in nature. 2. Termination Amendment: This type of amendment is filed when a secured party wishes to terminate or release their security interest in the debtor's collateral. It removes the creditor's claim and releases the debtor's assets from any encumbrance or lien. 3. Continuation Amendment: A continuation amendment is filed when a financing statement is nearing its expiration, typically within five years from the original filing date. This amendment extends the effectiveness of the financing statement for an additional period, ensuring the creditor's security interest remains valid. 4. Collateral Addition or Removal Amendment: In cases where the debtor's collateral has changed or new collateral has been acquired, an amendment is filed to reflect these additions or removals. This ensures accurate documentation of the debtor's current assets and the creditor's security interest in them. It is crucial to comply with the UCC regulations and file the appropriate Bexar Texas UCC3 Financing Statement Amendment to ensure the accuracy and validity of financing statements in Bexar County. By following the correct procedures and using the relevant keywords, individuals and businesses can efficiently modify and update their UCC3 financing statements to reflect accurate information and protect their security interests.
