Collin Texas UCC3 Financing Statement Amendment

• Category: Contracts - Uniform Commercial Code - Financing Statements
• State: Multi-State
• County: Collin
• Control #: US-UCC3
• Format: Word; PDF

Description

UCC3 - Financing Statement Amendment - 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. Description: The Collin Texas UCC3 Financing Statement Amendment is a crucial legal document that pertains to the modification or amendment of an existing financing statement filed under the Uniform Commercial Code (UCC) regulations in Collin County, Texas. This amendment allows the parties involved in a financial transaction or secured transaction to modify the previously filed UCC3 Financing Statement to accurately reflect any changes in the original terms or conditions of the underlying agreement. Keywords: Collin Texas, UCC3 Financing Statement Amendment, legal document, modification, amendment, financing statement, Uniform Commercial Code, Collin County, Texas, financial transaction, secured transaction, terms, conditions, underlying agreement. Types of Collin Texas UCC3 Financing Statement Amendments: 1. Partial Amendment: A partial amendment refers to a situation where only certain sections or details of the original UCC3 Financing Statement require modification or updating. This type of amendment is commonly used when the parties involved want to alter specific terms, add additional collateral, or change debtor information while keeping other parts of the financing statement intact. 2. Full Amendment: A full amendment, as the name suggests, involves a comprehensive modification of the entire UCC3 Financing Statement. This type of amendment is necessary when the parties desire to make significant changes to the original agreement, such as adding or removing debtors, revising collateral descriptions, or modifying any other essential aspects covered by the financing statement. 3. Continuation Amendment: A continuation amendment is specific to cases where the initial filing period of a UCC3 Financing Statement is expiring. It allows the secured party to extend the duration of the financing statement by filing this amendment within the prescribed time frame, ensuring the continuation of the perfected security interest in the collateral. 4. Termination Amendment: A termination amendment is filed when the secured party no longer has an active or valid security interest in the collateral described in the UCC3 Financing Statement. This type of amendment effectively cancels the financing statement and releases any claim or lien previously held by the secured party. 5. Correction Amendment: A correction amendment is required when errors or mistakes are identified in the original UCC3 Financing Statement. This amendment is essential to rectify inaccuracies in debtor or creditor information, misspelled names, incorrect collateral descriptions, or any other clerical errors that may affect the validity or clarity of the financing statement. Keywords: Partial Amendment, Full Amendment, Continuation Amendment, Termination Amendment, Correction Amendment, modification, updating, terms, conditions, collateral, debtors, debtor information, security interest, perfected security interest, expiration, filing period, claim, lien, validity, clarity, clerical errors, accuracy.

Description: The Collin Texas UCC3 Financing Statement Amendment is a crucial legal document that pertains to the modification or amendment of an existing financing statement filed under the Uniform Commercial Code (UCC) regulations in Collin County, Texas. This amendment allows the parties involved in a financial transaction or secured transaction to modify the previously filed UCC3 Financing Statement to accurately reflect any changes in the original terms or conditions of the underlying agreement. Keywords: Collin Texas, UCC3 Financing Statement Amendment, legal document, modification, amendment, financing statement, Uniform Commercial Code, Collin County, Texas, financial transaction, secured transaction, terms, conditions, underlying agreement. Types of Collin Texas UCC3 Financing Statement Amendments: 1. Partial Amendment: A partial amendment refers to a situation where only certain sections or details of the original UCC3 Financing Statement require modification or updating. This type of amendment is commonly used when the parties involved want to alter specific terms, add additional collateral, or change debtor information while keeping other parts of the financing statement intact. 2. Full Amendment: A full amendment, as the name suggests, involves a comprehensive modification of the entire UCC3 Financing Statement. This type of amendment is necessary when the parties desire to make significant changes to the original agreement, such as adding or removing debtors, revising collateral descriptions, or modifying any other essential aspects covered by the financing statement. 3. Continuation Amendment: A continuation amendment is specific to cases where the initial filing period of a UCC3 Financing Statement is expiring. It allows the secured party to extend the duration of the financing statement by filing this amendment within the prescribed time frame, ensuring the continuation of the perfected security interest in the collateral. 4. Termination Amendment: A termination amendment is filed when the secured party no longer has an active or valid security interest in the collateral described in the UCC3 Financing Statement. This type of amendment effectively cancels the financing statement and releases any claim or lien previously held by the secured party. 5. Correction Amendment: A correction amendment is required when errors or mistakes are identified in the original UCC3 Financing Statement. This amendment is essential to rectify inaccuracies in debtor or creditor information, misspelled names, incorrect collateral descriptions, or any other clerical errors that may affect the validity or clarity of the financing statement. Keywords: Partial Amendment, Full Amendment, Continuation Amendment, Termination Amendment, Correction Amendment, modification, updating, terms, conditions, collateral, debtors, debtor information, security interest, perfected security interest, expiration, filing period, claim, lien, validity, clarity, clerical errors, accuracy.