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This document is used to amend a financing statement under the UCC (Uniform Commercial Code), allowing for terminations, continuations, assignments, or changes in debtor or secured party information.

How to fill out ucc financing statement amendment

How to fill out ucc financing statement amendment

1. Obtain the UCC financing statement amendment form from the appropriate state office or website.
2. Fill in the debtor's name and address accurately as they appear on the original UCC financing statement.
3. Indicate the amendment type (e.g., continuation, collateral change, etc.) as applicable.
4. Provide the secured party's name and address, ensuring it matches the original document.
5. If applicable, list the original UCC file number to which the amendment pertains.
6. Sign and date the form as required to certify its accuracy.
7. Submit the completed amendment form to the appropriate state office, along with any required filing fees.

Who needs ucc financing statement amendment?

1. Secured creditors who need to update the details of the original UCC financing statement.
2. Businesses or individuals that have changed the collateral covered by the UCC filing.
3. Debtors wishing to clarify the terms of the existing financing statement.
4. Parties involved in financial transactions requiring amendments to their secured interests.

People Also Ask about

Why did I receive an Alabama UCC Statement Request Form?

The main purpose of a UCC is to perfect the secured interest of the secured party in personal property collateral. The UCC financing statement is a form that a creditor files to give notice that it has an interest in the personal property of a debtor. A bank, not an entrepreneur, typically files the statement.

What is the life of a UCC filing?

UCC-1 filings do have a shelf life. Once filed, a UCC-1 Financial Statement is typically active for five years. It's common, of course, for the terms of a business loan to extend past that, so lenders need to remember to renew the UCC-1 filing at the first five year mark, and every five years thereafter.

Did Alabama adopt the UCC?

As of the mid-point of 2023, seven states, Alabama, Colorado, Indiana, Nevada, North Dakota, New Mexico, and Washington had enacted legislation adopting the 2022 UCC amendments.

How long do UCC filings last in Alabama?

A UCC-1 filing is good for five years. After five years, it is considered lapsed and no longer valid.

How long is a UCC financing statement effective before it expires?

The UCC's general rule is that a financing statement remains valid for a period of five years from the date of filing. Unless a continuation statement is properly filed before expiration of the five year period, the effectiveness of the financing statement will lapse.

For pdfFiller’s FAQs

What is ucc financing statement amendment?

A UCC financing statement amendment is a legal document filed to change or update information related to an existing UCC financing statement, such as the secured party, debtor details, or collateral description.

Who is required to file ucc financing statement amendment?

Any party involved in a secured transaction, such as the secured party or debtor, may file a UCC financing statement amendment when there is a need to update or amend the original filing.

How to fill out ucc financing statement amendment?

To fill out a UCC financing statement amendment, you should provide the original filing number, specify the changes being made, include the names and addresses of the debtor and secured party, and submit the form to the appropriate state authority.

What is the purpose of ucc financing statement amendment?

The purpose of a UCC financing statement amendment is to ensure that public records reflect accurate and current information regarding the secured party, debtor, or collateral, thus protecting the interests of all parties involved.

What information must be reported on ucc financing statement amendment?

The information that must be reported on a UCC financing statement amendment includes the original filing number, the name and address of the debtor, the name and address of the secured party, and details of the changes being made.