Ucc 1 financing statement
Amit
(Querist) 25 June 2024
This query is : Resolved
If Someone has filed a UCC 1 lien on the basis of Shareholding agreement signed 10 years ago and then has filed a UCC 3 to withdraw the same. Can he after 25 days stake the same claim in another UCC 1 lien?
T. Kalaiselvan, Advocate
(Expert) 25 June 2024
A UCC-Uniform Commercial Code-1 statement is a legal notice filed by creditors in an effort to publicly declare their right to seize assets of debtors who default on loans. UCC-1 notices are typically printed in local newspapers, in an effort to publicly express a lender's intent to seize collateralized assets.
UCC-3 (Uniform Commercial Code-3 statement) is a legal filing used to make any changes to a current UCC-1 filing. In short, a UCC-3 is considered an amendment filing. With Fast Track Filing, you can amend a UCC-1 filing in a few ways: 1. Termination: This filing extinguishes the UCC-1 before its five-year term ends.
Since both are interlinked, your question doesn't relates to the previous transaction.
Amit
(Querist) 26 June 2024
UCC 1 was filed, and then terminated by a UCC 3. A UCC 1 was filed again within a month after termination with the same reason as in the first case.
T. Kalaiselvan, Advocate
(Expert) 26 June 2024
You may consult a consultation in person and obtain opinions and suggestions in furtherance.
