| Feature | UCC-1 Financing Statement | UCC-3 Amendment |
|---|---|---|
| Primary Purpose | To create a public record of a security interest in personal property. | To modify, terminate, or extend an existing UCC-1 record. |
| Timing | Filed at the start of a lending relationship or transaction. | Filed during the life of the lien (usually within 5 years). |
| Typical Use Case | New equipment lease, business loan, or inventory financing. | Loan payoff (Termination), 5-year renewal (Continuation), or bank merger (Assignment). |
| Effect on Lien | Establishes priority date for the secured party. | Maintains, alters, or cancels the original priority. |
Common UCC-3 Action Types
A UCC-3 form is versatile and can perform several distinct actions on an existing filing.
Termination
Filed when the debt is satisfied. This effectively "cancels" the lien and clears the debtor's public record.
Continuation
Most UCC filings expire after 5 years. A continuation extends the lien for another 5-year period.
Assignment
Used to transfer the rights of the secured party to another entity, often during bank acquisitions or debt sales.
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