UCC3 Financing Amendment and Termination Statements: Avoiding Loss of Lien Perfection or Priority

Recording of a 90-minute CLE webcast with Q&A

Conducted on Tuesday, August 8, 2017
Recorded event now available

This CLE webcast will brief counsel on the proper use of UCC3 financing amendment and termination statements, identify potential pitfalls that can result in the lender’s loss of secured interest or priority of lien, and offer best practices for secured parties to avoid unnecessary risks and costly mistakes.


A Form UCC3 is used when information regarding the collateral or the parties on the initial financing statement needs to be added or changed as well as to record continuations, assignments and terminations. These amendments are made in a proactive effort to preserve the secured party’s priority position.

While seemingly straightforward, amending a UCC financing statement can be fraught with hidden risks and pitfalls that may not actually achieve the secured party’s desired result, or worse, can jeopardize the secured party’s lien or priority.

UCC3 statements are scrutinized very carefully by competing creditors in bankruptcy litigation as illustrated during the 2014 GE bankruptcy that resulted in JP Morgan’s $1.5 billion loss due to an inadvertent error in a termination statement. While this case is an extreme example due to the extraordinary amount of the lender's loss, the scenario itself is very common.

Listen as our authoritative panel of commercial finance practitioners identifies potential pitfalls in filing UCC3 financing amendment and termination statements. The panel will offer best practices for secured parties to avoid risks that can result in the loss of secured interest or lien priority.


  1. Amendments—when are they required, when are they not necessary?
  2. Terminations—what circumstances require a secured party to file a termination statement?
  3. Continuations and assignments—what scenarios do these statements cover?
  4. Common pitfalls and correcting mistakes in UCC3 financing statements


The panel will review these and other key issues:

  • When are amendments to UCC financing statements required and when are they not necessary?
  • What circumstances require a secured lender to file a termination statement?
  • What are the most common pitfalls in filing UCC3 financing statements and how and when can lenders correct mistakes?


Jason I. Miller, Of Counsel
Blank Rome, New York

Mr. Miller concentrates his practice in the area of commercial finance, with a particular focus on asset-based and cash-flow financing. He represents many leading institutional lenders in a wide array of areas, including cash flow lending and asset-based financing, acquisition financing, split collateral, first lien/second lien and mezzanine financing, loan syndications and participations, loan restructurings and workouts, and debtor-in-possession financing. He authored the article, 'Loss Payee’ v. ‘Lender Loss Payee’: How the Difference of One Word Can Prevent a Secured Lender’s Recovery on Insurance Proceeds.

Jeffrey A. Wurst, Partner
Ruskin Moscou Faltischek, Uniondale, N.Y.

Mr. Wurst is the chairman of the firm’s Financial Services, Banking, & Bankruptcy Department. He has significant expertise in asset-based lending, factoring, and all other areas of commercial finance, bankruptcy matters, workouts and turnaround situations. He is actively involved in the documentation of commercial finance and leasing transactions, as well as litigation that may arise out of or in connection with such transactions.


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Banking & Finance Law Advisory Board

Irving C. Apar


Thompson Hine

Mark N. Berman

Adjunct Professor

Northeastern University

Willa Cohen Bruckner


Alston & Bird

Lawrence Kaplan

Of Counsel

Paul Hastings

Kevin Petrasic


White & Case

Laura D. Richman


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Robert M. Stern


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Andrew Stutzman


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