What is Texas UCC Statement service?

The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

What is a UCC financing statement used for?

In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.

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Texas UCC5 Correction Statement

Pearland Texas UCC5 Correction Statement

Name: Pearland Texas UCC5 Correction Statement
Brand: US Legal Forms
Rating: 4.7 (386 reviews)

Category:

Texas Secretary of State - Uniform Commercial Code

State:

Texas

City:

Pearland

Control #:

TX-UCC5

Format:

Instant download

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Public form

Description

Correction Statement used to report inaccurate or wrongly filed records (as designated in the form) on file with the Texas filing office.

Pearland Texas UCC5 Correction Statement is a legal document filed to correct errors or make amendments to previous Uniform Commercial Code (UCC) filings in Pearland, Texas. The UCC5 Correction Statement is an essential tool that allows individuals or businesses to rectify mistakes made in the initial UCC filing, ensuring accurate and updated information on record. Keywords: Pearland Texas, UCC5 Correction Statement, legal document, errors, amendments, Uniform Commercial Code, filing, rectify, mistakes, accurate, updated information. Types of Pearland Texas UCC5 Correction Statements: 1. Error Correction: This type of correction statement is filed when there are errors in the original UCC filing, such as typographical errors, misspellings of names, incorrect dates, or wrong collateral descriptions. It aims to address and rectify these mistakes, ensuring accuracy and clarity in the UCC filing. 2. Amendment Statement: An amendment UCC5 Correction Statement is filed when there is a need to make changes, additions, or modifications to the original UCC filing. This may include updating debtor information, adding or removing collateral, changing terms or conditions, or extending the filing duration. It allows the filer to ensure that the UCC filing accurately reflects the current information and agreements between involved parties. 3. Addendum Statement: Sometimes, additional information needs to be included in the UCC filing to provide clarity or expand upon certain aspects. An addendum UCC5 Correction Statement is filed to attach supplementary documents, exhibits, or relevant attachments associated with the original UCC filing. 4. Termination Statement Correction: A termination statement is filed to officially end a UCC filing once the obligations or agreements within it have been fulfilled or expired. If there are errors or inconsistencies in the original termination statement, a UCC5 Correction Statement can be filed to correct those mistakes and ensure the termination is accurately documented. 5. Partial Release Correction: If a UCC filing originally contained multiple collateral items and there is a need to release or remove specific collateral from the filing, a partial release correction UCC5 Correction Statement can be filed. This statement specifies the collateral items being released, ensuring clarity and accuracy in the UCC filing. Overall, Pearland Texas UCC5 Correction Statements are critical in maintaining the accuracy and integrity of UCC filings, allowing individuals or businesses in Pearland, Texas, to correct, amend, or supplement their original UCC filings to reflect the most up-to-date and correct information.

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FAQ

The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.

A UCC3 is a change statement to a UCC1. It's an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It's a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.

5 is a statement that an error occurred: records an inaccuracy, or wrongfully filed document, or filed by person not entitled to do so. It is not and does not amend any information, so still have to file a UCC3 if need to amend.

In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.

What information is required for a UCC-3 filing? Form UCC3 is used to amend (make changes to) a UCC1 filing. The required information is: An acknowledgement name and address.

3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.

A uniform commercial code (UCC) filing is a notice registered by a lender when a loan is taken out against a single asset or a group of assets. A UCC filing creates a lien against the collateral a borrower pledges for a business loan. The uniform commercial code is a set of rules governing commercial transactions.

How do I get rid of a UCC filing? You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.

To do so you will generally need to make a trip in person down to your secretary of state's office. Once there, you will be able to swear under oath that you've satisfied the debt in full and wish to request for the UCC-1 filing to be removed.

Pearland Texas UCC5 Correction Statement

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