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« Lapsed UCC filings | Main | Article 9 amendments: State-by-state breakdown »
February 7, 2011
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Thanks for the question, Leticia!
A secured party may assign on record all or part of his rights under a financing statement. A partial assignment is filed if only part of the original collateral is being assigned by the secured party to the assignee, and a full assignment is filed if the entire collateral is being assigned to the assignee.
Either form of assignment is made effective by filing a UCC-3. The assignee will become the secured party on record for the collateral that is assigned under this agreement.
When filing the UCC-3, a full assignment would not require the description of collateral to be stated. For a partial assignment, you would be required to state only that collateral which should transfer to the assignee.
And, per usual with filing a UCC financing statement, you may file electronically in states that have eFiling capabilities, or you may submit the filing via normal/manual processing.
If you would like to use our services for your future filing needs, please e-mail us at info@ctliensolutions.com.
Posted by: Amanda Rasizzi, CT Lien Solutions | November 12, 2011 at 03:48 PM
I WILL LIKE TO READ ABOUT PARTIAL ASSIGNMENT AND FULL ASSIGNMENT WHAT DO EACH MEAN AND WHEN & HOW DO WE FILE?
Posted by: LETICIA ALANIZ | November 7, 2011 at 09:56 AM