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

A live 90-minute premium CLE video webinar with interactive Q&A


Thursday, June 24, 2021 (in 10 days)

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

or call 1-800-926-7926

This CLE webinar 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.

Description

A Form UCC3 is used to add or change information regarding the collateral or the parties on the initial financing statement and 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 achieve the secured party's desired result, or worse, can jeopardize the secured party's lien or priority.

Competing creditors in bankruptcy litigation scrutinize UCC3 statements, as illustrated during the GM bankruptcy with 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 prevalent.

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 resulting in the loss of secured interest or lien priority.

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Outline

  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

Benefits

The panel will review these and other relevant 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?

Faculty

Miller, Jason
Jason I. Miller

Member
Otterbourg

Mr. Miller concentrates his practice in the area of commercial finance, with a particular focus on asset-based and...  |  Read More

Wurst, Jeffrey
Jeffrey A. Wurst

Partner
Armstrong Teasdale

Mr. Wurst has more than 30 years of experience and is well recognized for handling significant commercial finance and...  |  Read More

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