UCC-3 Clause Samples
The UCC-3 clause refers to the process and documentation used to amend, continue, assign, or terminate a previously filed UCC-1 financing statement under the Uniform Commercial Code. Practically, a UCC-3 form is filed with the appropriate state authority to update the public record regarding a secured party’s interest in a debtor’s collateral, such as when a loan is paid off and the lien needs to be released, or when the secured party’s information changes. This clause ensures that the public record accurately reflects the current status of security interests, thereby protecting both debtors and creditors by maintaining transparency and preventing disputes over collateral.
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UCC-3. The Sellers shall have delivered appropriate termination statements under the Uniform Commercial Code and other instruments and releases as may be requested by the Buyer to extinguish all Encumbrances of the Company and all security interests related thereto to the extent directed by the Buyer, other than with respect to the Permitted Encumbrances.
UCC-3. Within thirty (30) days following the Closing Date, Seller will cause to be delivered to Purchaser evidence satisfactory to Purchaser of releases and UCC-3 termination statements releasing and terminating the BOA Lien and any other Encumbrances on the Assets.
UCC-3. At least one (1) business day prior to the Close of Escrow, Seller shall cause to be completed a UCC-3 statement in the form of Exhibit “B” attached hereto and deliver same to Escrow Holder for filing by Escrow Holder, or Buyer (at Buyer’s request), with the appropriate secretary of state, such that Buyer shall receive the Equipment and Personal Property free and clear of liens at Closing.
UCC-3. The Company shall have obtained a release of the UCC-1 ----- Financing Statement filed by Compass Bank.
UCC-3. Seller shall have delivered to the Purchaser acceptable, updated and current UCC, tax, judgment, bankruptcy and lien searches related to the Seller and the Real Estate Seller, the Business and the Purchased Assets and, if applicable, Seller and Real Estate Seller shall deliver UCC-3 termination statements from any lien holder, mortgagee, and/or secured lenders of Seller or the Real Estate Seller to be duly recorded with the appropriate governmental office to confirm the release of any liens on any of the Purchased Assets.