Salt Lake Utah UCC3 Financing Statement Amendment

• Category: Contracts - Uniform Commercial Code - Financing Statements
• State: Multi-State
• County: Salt Lake
• 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 Salt Lake Utah UCC3 Financing Statement Amendment is a legal document that is filed to make changes or revisions to an existing UCC3 Financing Statement in Salt Lake, Utah. It is crucial to understand the different types of UCC3 Financing Statement Amendments to ensure proper compliance and accurate recording. 1. Corrective Amendment: A Corrective Amendment is filed when there is a mistake or error in the original UCC3 Financing Statement. It fixes any inaccuracies, such as misspelled names, incorrect dates, or wrong collateral descriptions. 2. Termination Amendment: A Termination Amendment is filed to terminate or release a previously recorded UCC3 Financing Statement. This is typically done when the secured debt has been paid off, the collateral has been sold, or the agreement has reached its completion. 3. Continuation Amendment: A Continuation Amendment is filed to extend the duration of the original UCC3 Financing Statement. In Utah, a UCC3 Financing Statement is effective for a period of five years. If the secured party wishes to continue the filing beyond this period, they need to submit a Continuation Amendment. 4. Assignment Amendment: An Assignment Amendment is filed when there is a change in the secured party's interest. It transfers the rights and ownership of the UCC3 Financing Statement from one party to another, typically due to a sale, merger, or assignment of the debt or collateral. 5. Amendment Adding Collateral: This type of amendment is filed when additional collateral needs to be added to the existing UCC3 Financing Statement. It ensures that all relevant assets are properly documented and secured under the initial financing agreement. 6. Amendment Removing Collateral: An Amendment Removing Collateral is submitted when certain assets or collateral need to be removed from the original UCC3 Financing Statement. This could occur if the debt has been satisfied, the items have been sold, or the secured party no longer has an interest. Understanding the different types of Salt Lake Utah UCC3 Financing Statement Amendments is essential to ensuring compliance with legal requirements, accurately reflecting the changes in the financing agreement, and maintaining the security interests of all parties involved.

The Salt Lake Utah UCC3 Financing Statement Amendment is a legal document that is filed to make changes or revisions to an existing UCC3 Financing Statement in Salt Lake, Utah. It is crucial to understand the different types of UCC3 Financing Statement Amendments to ensure proper compliance and accurate recording. 1. Corrective Amendment: A Corrective Amendment is filed when there is a mistake or error in the original UCC3 Financing Statement. It fixes any inaccuracies, such as misspelled names, incorrect dates, or wrong collateral descriptions. 2. Termination Amendment: A Termination Amendment is filed to terminate or release a previously recorded UCC3 Financing Statement. This is typically done when the secured debt has been paid off, the collateral has been sold, or the agreement has reached its completion. 3. Continuation Amendment: A Continuation Amendment is filed to extend the duration of the original UCC3 Financing Statement. In Utah, a UCC3 Financing Statement is effective for a period of five years. If the secured party wishes to continue the filing beyond this period, they need to submit a Continuation Amendment. 4. Assignment Amendment: An Assignment Amendment is filed when there is a change in the secured party's interest. It transfers the rights and ownership of the UCC3 Financing Statement from one party to another, typically due to a sale, merger, or assignment of the debt or collateral. 5. Amendment Adding Collateral: This type of amendment is filed when additional collateral needs to be added to the existing UCC3 Financing Statement. It ensures that all relevant assets are properly documented and secured under the initial financing agreement. 6. Amendment Removing Collateral: An Amendment Removing Collateral is submitted when certain assets or collateral need to be removed from the original UCC3 Financing Statement. This could occur if the debt has been satisfied, the items have been sold, or the secured party no longer has an interest. Understanding the different types of Salt Lake Utah UCC3 Financing Statement Amendments is essential to ensuring compliance with legal requirements, accurately reflecting the changes in the financing agreement, and maintaining the security interests of all parties involved.