What Is a UCC-3 Filing? A UCC-3 filing is a document filed under the Uniform Commercial Code to make amendments to a previously filed UCC-1 financing statement.

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CC-3 for Factors: Understanding and Navigating ...

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What Is a UCC-3 Filing? A UCC-3 filing is a document filed under the Uniform Commercial Code to make amendments to a previously filed UCC-1 financing statement.

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Here's a breakdown of the situation: Failed Transaction: You were unable to complete a planned business transaction (likely a purchase). What Is a UCC-3 Filing? A UCC-3 filing is a document filed under the Uniform Commercial Code to make amendments to a previously filed UCC-1 financing statement.

• Changed Terms:

  The terms of the deal changed, making it impossible to proceed as originally planned. 
• Third Party Involvement:

  A third party was involved, potentially complicating the situation and the payment issue. 
• Payment Dispute:

  A third party wanted to be paid $30,000, leading to a dispute. 
• UCC-3 Termination Issue:

  You attempted to change a UCC-3 termination (which extinguishes a UCC-1 filing) to a UCC-1 (which establishes a creditor's claim on personal property as collateral). 
• Seller's Refusal:

  The seller refused to sign the amended UCC-3, preventing the desired change. 
• UCC-1:

  A UCC-1 is a legal filing used to establish a creditor's claim on personal property as collateral, notifying the public and other potential creditors of their interest in specific assets. 
• UCC-3:

Here's a breakdown of the situation:

• Failed Transaction:

  You were unable to complete a planned business transaction (likely a purchase). 
• Changed Terms:

  The terms of the deal changed, making it impossible to proceed as originally planned. 
• Third Party Involvement:

  A third party was involved, potentially complicating the situation and the payment issue. 
• Payment Dispute:

  A third party wanted to be paid $30,000, leading to a dispute. 
• UCC-3 Termination Issue:

  You attempted to change a UCC-3 termination (which extinguishes a UCC-1 filing) to a UCC-1 (which establishes a creditor's claim on personal property as collateral). 
• Seller's Refusal:

  The seller refused to sign the amended UCC-3, preventing the desired change. 
• UCC-1:

  A UCC-1 is a legal filing used to establish a creditor's claim on personal property as collateral, notifying the public and other potential creditors of their interest in specific assets. 
• UCC-3:

  A UCC-3 is an amendment to a UCC-1 filing, used for various purposes, including termination, assignment, or continuation. 
• Termination:

  A UCC-3 termination is used to extinguish the lien before its five-year term has ended.