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Financing Statement Amendment Form

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Instructions and help about Financing Statement Amendment

interstate commercial transactions such as contracts and loans are governed by the Uniform Commercial Code known as the UCC all 50 states have adopted a version of the UCC ing to the UCC when a lender secures a business loan with personal property rather than with real estate the lender must file a UCC one financing statement with the Secretary of State's office this puts the public and future lenders on notice that the specific personal property of the business such as equipment or inventory is collateral for an already existing debt the first lender to file a UCC one for specific property usually has priority over obtaining that property if the borrower defaults on the loan or files bankruptcy few lenders voluntarily terminated UCC one even when the loan is paid off so as a borrower it's important to request that the UCC one be terminated after the loan has been paid in full so that an accurate statement of your secured loans is available to the public to investors an

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