Real Estate Terms Dictionary
UCC 3 (Uniform Commercial Code 3)
Definition of 'UCC 3 form':
A UCC 3 form, also known as a Financing Statement Amendment, is a document tracking changes to the UCC 1 such as the termination, the continuation, and the transfer of the Financing Statement. Other amendments are also filed, such as amending the names of the two parties or amending the collateral.
UCC 3 Amendment
A UCC 3 and a UCC 3 Amendment are terms that are usually used interchangeably. They refer to the legal form created for changing or adding information contained in the UCC 1 Form.
UCC 3 Assignment
A UCC 3 Assignment is a form used to assign the rights to the collateral mortgage to another party. When only a part of the rights are assigned, a UCC 3 Partial Assignment form is signed.
UCC 3 Bankruptcy
A UCC 3 Bankruptcy is a form filed when the borrower files for bankruptcy and is no longer able to make the monthly payments.
UCC 3 Continuation
A UCC 3 Continuation is an amendment form to UCC 1 used to extend the UCC 1 statement's effectiveness for an additional five years.
UCC 3 Subordination
A UCC 3 Subordination is a form used when more than one lender has an interest in the same collateral. In this situation, a subordination agreement should be signed in order to establish the order in which the lenders will be refunded the money. Usually, the second lender's interest in the collateral is subordinated to the first lender.
UCC 3 Termination
A UCC 3 Termination is a form used to end a lender's interest in the collateral mortgage. It also indicates that the loan was paid in full.
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.