Commercial Loan Documentation
Q: If the borrowing company’s name changes, can we just do an amendment to our existing UCC-1 filing to change the name?
A: Yes. The secured party can file an amendment to the existing filing to change the borrower’s name using a UCC-3 Financing Statement Amendment to update the record rather than file a new and revised UCC-1 Financing Statement. The secured party must file the amendment during the four-month period following the actual name change to assure no lapse in the secured party’s lien position in the collateral.
Course overview: Commercial Loan Documentation