The Philadelphia Pennsylvania UCC3 Financing Statement Amendment is a legal document that is used to modify or update an existing UCC3 financing statement filed with the Philadelphia County Recorder of Deeds. This amendment is necessary when there are changes to the original financing statement that need to be reflected officially. Keywords: Philadelphia Pennsylvania, UCC3, Financing Statement Amendment, legal document, modify, update, UCC3 financing statement, Philadelphia County Recorder of Deeds. There are several types of Philadelphia Pennsylvania UCC3 Financing Statement Amendments that can be filed, based on the modifications required: 1. Termination Amendment: This amendment is filed when the secured party no longer has an interest in the collateral stated in the original financing statement. The termination amendment officially removes the secured party's claim on the collateral from public record. 2. Continuation Amendment: A continuation amendment is filed to extend the effectiveness of the original financing statement beyond its expiration date. Typically, a financing statement is effective for a limited period, usually five years. If the secured party wishes to continue their claim on the collateral beyond this period, they need to file a continuation amendment. 3. Assignment Amendment: An assignment amendment is filed to transfer the rights to the collateral from one secured party to another. This may occur when there is a change in the party that holds the security interest or when a loan is sold or assigned to a different financial institution. 4. Amendment of Collateral Description: This type of amendment is filed when there is a need to modify or clarify the description of collateral listed in the original financing statement. This could be due to errors or omissions in the initial filing or to provide additional details that accurately represent the collateral. It is crucial to file the appropriate type of Philadelphia Pennsylvania UCC3 Financing Statement Amendment to ensure accuracy and compliance with legal requirements. Failure to amend the financing statement correctly may result in disputes regarding the validity of the secured party's claim on the collateral.
Philadelphia Pennsylvania UCC3 Financing Statement Amendment
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How to fill out Philadelphia Pennsylvania UCC3 Financing Statement Amendment?
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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.
UCC. 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.
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.
UCC stands for Uniform Commercial Code. The Uniform Commercial Code is a uniform law that governs commercial transactions, including sales of goods, secured transactions and negotiable instruments. The Uniform Commercial Code is a comprehensive set of statutes created to provide consistency among the states.
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.
To assist the Bureau, filers may wish to delete this information prior to filing. You may contact the Uniform Commercial Code section by calling (717) 787-1057 option 2, or by mail at: Uniform Commercial Code, PO Box 8721, Harrisburg, PA 17105.
Also known as a continuation statement. The amendment used to extend the effectiveness of a UCC-1 beyond the date which is five years after the date of its filing.
To amend your collateral description, click the button labeled View/Amend Collateral. After clicking this button, a pop-up will appear and will display the current collateral description and provide options to Add Collateral, Delete Collateral or Change Collateral.
UCC - Frequently Asked Questions - UCC-1 and UCC-3. Most filings last for five (5) years from the date of filing. Filings for a debtor that is a transmitting utility have no expiration date.
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.