Philadelphia Pennsylvania UCC3 Financing Statement Amendment

• Category: Contracts - Uniform Commercial Code - Financing Statements
• State: Multi-State
• County: Philadelphia
• 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. 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.

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.