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.
Salt Lake Utah UCC3 Financing Statement Amendment
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How to fill out Salt Lake Utah UCC3 Financing Statement Amendment?
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What is UCC3 Termination? UCC-3 Filing step-by-step - YouTube YouTube Start of suggested clip End of suggested clip You should also include a copy of the original UCC. Filing. So the lender can reference it quickly IMoreYou should also include a copy of the original UCC. Filing. So the lender can reference it quickly I like to do steps number one and two simultaneously.
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.
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.
Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
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.
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.
How do I terminate a UCC financing statement? Please use the financing statement amendment form (UCC3) and refer to O.C.G.A. § 11-9-513.
To file a termination: Go to the UCC filing system. Click on "Amend an existing record" Enter the original document number of the record that will be terminated. Choose the filing office where the original document was filed in the drop-down menu. Click on "Search." Review the record information.
To assign (1) some or all of Assignor's right to amend the identified financing statement, or (2) the Assignor's right to amend the identified financing statement with respect to some (but not all) of the collateral covered by the identified financing statement: Check box in item 3 and enter name of Assignee in item 7a
UCC Financing Statements: Most filings are effective for five years. For example, if you file on , then the filing will expire (lapse) on .