This Statement of Change is Presented to a Filing Officer Pursuant to the Uniform Commercial Code

What is the Statement of Change?

The Statement of Change is a formal document submitted to a filing officer under the Uniform Commercial Code (UCC). This document is essential for businesses and individuals who need to update or modify existing filings related to secured transactions. It serves to inform relevant parties of changes in the status or details of a security interest, ensuring that public records remain accurate and up-to-date. This process is crucial for maintaining transparency and legal compliance in commercial transactions.

Steps to Complete the Statement of Change

Completing the Statement of Change involves several key steps to ensure accuracy and compliance with UCC requirements:

• Gather Required Information: Collect all necessary details regarding the original filing, including the UCC filing number, the names of the parties involved, and the specific changes being made.
• Fill Out the Form: Accurately complete the Statement of Change form, ensuring that all information is clear and correct. Pay close attention to the sections that require specific details about the changes.
• Review the Document: Double-check all entries for accuracy. Mistakes can lead to delays or rejections.
• Submit the Form: File the completed Statement of Change with the appropriate filing officer, either online or in person, depending on state regulations.

Legal Use of the Statement of Change

The Statement of Change is legally recognized under the UCC as a means to update secured transactions. It is important for businesses to use this document to maintain their legal protections and ensure that their security interests are properly recorded. Failure to file a Statement of Change when necessary may result in legal complications, including loss of priority in secured transactions.

Key Elements of the Statement of Change

Several key elements must be included in the Statement of Change to ensure it is valid:

• Filing Number: The unique identifier of the original UCC filing that is being amended.
• Names of Parties: The legal names of the debtor and secured party must be clearly stated.
• Details of Changes: A clear description of the changes being made, such as amendments to the collateral description or changes in the debtor's information.
• Signature: The document must be signed by the appropriate party, typically the secured party or their authorized representative.

State-Specific Rules for the Statement of Change

Each state may have specific rules and requirements regarding the Statement of Change. It is important for filers to be aware of these variations, including:

• Filing Fees: Different states may charge varying fees for processing the Statement of Change.
• Submission Methods: Some states allow online submissions, while others may require in-person filings or mail submissions.
• Deadlines: Certain states may impose deadlines for filing changes to ensure compliance with local laws.

Examples of Using the Statement of Change

Common scenarios where a Statement of Change may be necessary include:

• Change of Debtor Name: If a business undergoes a name change, a Statement of Change is required to update the UCC filing.
• Modification of Collateral: When the collateral securing a loan changes, this form must be filed to reflect those changes.
• Change in Secured Party: If the secured party changes due to a sale or transfer, the Statement of Change must be submitted to update the records.