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.
Tarrant Texas UCC3 Financing Statement Amendment is a legal document that allows individuals and businesses to make changes or updates to an existing UCC3 Financing Statement filed with the Tarrant County Clerk's office in Texas. UCC3, which stands for the Uniform Commercial Code Section 3, pertains to secured transactions involving negotiable instruments such as promissory notes, drafts, and certificates of deposit. Financing statements are typically filed to establish a creditor's security interest in a debtor's collateral, providing them with legal protection in the event of default or bankruptcy. There are various types of Tarrant Texas UCC3 Financing Statement Amendments that can be filed, each serving a specific purpose. These include: 1. Continuation: This amendment extends the effectiveness of the original financing statement beyond its expiration date, typically filed within six months before the statement's lapse. 2. Termination: In cases where a creditor's interest in the collateral ends, a termination amendment is filed to release the lien, removing any legal claim over the debtor's assets. 3. Assignment: When a secured party decides to transfer or assign their rights to another party, an assignment amendment is filed to update the financing statement record, reflecting the new security interest holder. 4. Name Change: In situations where the debtor or secured party undergoes a legal name change, this amendment is filed to update the UCC3 Financing Statement with the new name information. 5. Amendment Adding Collateral: If a lender wishes to include additional collateral under an existing financing statement, they file this amendment to expand the scope of the original security interest. 6. Amendment Removing Collateral: Conversely, if a lender wants to remove specific collateral from a previously filed financing statement, this amendment is used to reflect the change and simplify the debtor's liability. It is crucial for individuals and businesses in Tarrant County, Texas, to understand the different types of amendments available to ensure compliance with state laws and maintain accurate and up-to-date UCC3 Financing Statements. Seeking legal advice and utilizing the appropriate forms provided by the County Clerk's office can facilitate a smooth filing process for any necessary amendments.
