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UCC3 Financing Statement Amendments: Avoiding Loss of Lien Perfection or Priority

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

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Thursday, June 20, 2024 (in 5 days)

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

or call 1-800-926-7926

This CLE course will brief counsel on the proper use of the UCC3 amendment form and its electronic equivalent, identify surprising traps for the unwary that can result in the loss of perfection or priority of a lender’s security interest, and offer best practices for secured parties to avoid unnecessary risks and costly mistakes.

Description

The UCC3 amendment is used to change information regarding the collateral and parties or indicate changes in effectiveness of the financing statement.

While creating and filing a UCC3 record may seem straightforward, amending a UCC financing statement can be fraught with hidden risks and pitfalls. The effect of UCC3 amendments may not be what the filer expected – the termination that does not terminate or the assignment that does not assign. If not used properly, a UCC3 may not achieve the secured party's desired result, or worse, can jeopardize the secured party's ability to enforce its security interest.

Listen as our authoritative panel of commercial finance practitioners identifies potential risks when filing or failing to file UCC3 amendments. The panel will offer best practices for secured parties to avoid risks resulting in the loss of perfection or priority.

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Outline

  1. Introduction and overview of UCC3 amendments
  2. Party amendments: effect on the financing statement
  3. Collateral amendments: effect of various actions
  4. Assignments: effect and use
  5. Termination: when required, effect and traps for the unwary
  6. Continuation of effectiveness: timing and tips
  7. Correcting mistakes in UCC3 amendments
  8. Post-filing events: actions required to remain perfected

Benefits

The panel will review these and other relevant issues:

  • When amendments to UCC financing statements are required and when they are not
  • Termination statements: the secured party’s obligation to file and risks for searchers
  • What are the most common traps for the unwary in filing UCC3 amendments, and how and when can lenders correct mistakes?

Faculty

Grodner, R. Marshall
R. Marshall Grodner

Member
McGlinchey Stafford

Mr. Grodner's practice focuses primarily on commercial transactions, secured transactions, commercial finance,...  |  Read More

Hodnefield, Paul
Paul Hodnefield

Associate General Counsel
Corporation Service Company

Mr. Hodnefield is a frequent speaker on Revised Article 9 search and filing issues who has written several articles and...  |  Read More

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You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

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