Subcontractor submitted stored material and a UCC-1 form filed. When do they need to file UCC-3? After receiving payment for stored material?
Thanks,
Jenny
1 reply
Oct 17, 2019
According to the California Secretary of State:
<p style="margin: 0px 0px 1em; color: #000000; font-family: sans-serif; font-size: 13.6px;">A UCC Financing Statement Amendment (Form UCC3) is used to change or add to information that was previously filed on the Form UCC1. This amendment form includes continuations, assignments, terminations, and amendments. Certain combinations of amendments can be made on one amendment form.</p>
Thus, when a change is made to any of the facts contained in the UCC-1, it is necessary to file a UCC-3.
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