A 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. Most times, this filing is performed when a loan has been paid.
2. Assignment: This filing transfers the rights in the UCC-1 from one secured party to another. The rights can be “full” or “partial.”
3. Continuation: This filing extends the life of a UCC-1 by another five years.
4. Debtor Amendment: Changes, adds, or deletes debtor information—such as changes to a legal name or address.
Additionally, these changes can be seen in the UCC/Federal Database. A link to this database at the statewide level can be found by clicking here.