How to use "The Instructions for UCC Financing Statement Amendment (UCC3)"?

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Instructions for UCC Financing Statement Amendment

This article is provided for educational purposes only. Information presented here does not constitute legal, financial, or other advice. Consult with appropriate professionals before preparing and filing any documents.

The Instructions for UCC Financing Statement Amendment (UCC3) form, as indicated by the URLs provided and its issuance by the Secretary of State for use in California, is a specific document related to the state's Uniform Commercial Code (UCC) transactions. This form is essential for amending a previously filed UCC Financing Statement (UCC1), a public notice filed by a creditor to indicate a security interest in the debtor's personal property used as collateral for a secured transaction.

What Is This Form For?
The UCC Financing Statement Amendment (UCC3) form changes an existing UCC Financing Statement. These changes can include amending debtor information, adding or removing collateral, continuing the effectiveness of the filed statement beyond its initial expiration, or terminating the statement before the lapse of its efficacy.

Why Is It Needed?
This form is necessary to maintain accurate and up-to-date public record information concerning a secured transaction. It ensures that the financing statement reflects current details about the debtor, the secured party, and the collateral, which is crucial for the enforceability of the security interest.

Who Should Use It?
The intended audience for the UCC3 form includes:
  • Secured parties (creditors) who wish to amend information on a previously filed UCC Financing Statement.
  • Debtors with a security interest filed against their personal property need to update or correct information in the financing statement.
  • Authorized representatives acting on behalf of the secured parties or debtors.

How Should The Form Be Filled Out?
Filling out the UCC3 form typically involves:
  1. Identifying the initial financing statement by its file number.
  2. Indicating the type of amendment: addition, deletion, or change of information regarding the debtor, secured party, or collateral.
  3. Providing the required details for the amendment, such as new debtor names, addresses, or collateral descriptions.
  4. Including any necessary authorizations or signatures from the parties involved.

What Are The Key Pieces Of Information That The Form Requires?
Critical information required on the form includes:
  • Original UCC Financing Statement file number.
  • Names and addresses of the debtor and secured party as they appear on the original filing.
  • Specific details about the amendment being made.
  • Authorization signatures from the involved parties.

When Should It Be Submitted?
Submission deadlines may vary depending on the nature of the amendment. For example, a continuation must be filed within six months before the expiration of the statement's effectiveness to extend the statement for another five years. Prompt submission is generally advised to ensure the public record remains accurate and up-to-date.

Where And How Should The Form Be Submitted?
Submission methods can include online filing through the Secretary of State's website, mailing to the designated office address, or potentially in person, depending on the state's specific procedures. The choice of submission method may affect the processing time.

How Much Does It Cost To Submit Or File The Form?
The filing fee for the UCC3 form varies by jurisdiction and the type of amendment being filed. Fees can also differ based on the submission method (e.g., online vs. paper filing).

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