What is the purpose of the Information Statement?

A UCC5 Information Statement is filed by the debtor when a record is:

  • Inaccurate, or

  • Submitted by someone who is not entitled to do so.

 

A UCC5 Information Statement is filed by the secured party when a record is:

  • Mistakenly filed (for example, a termination statement was filed instead of a continuation),

Once the UCC5 is recorded, the secured party should file the correct action.

The UCC5 is not an amendment and it does not alter or cancel the filing in question. The UCC office does not determine whether the UCC5 is effective or legitimate. A financing statement amendment must be used to make changes to previous filings.
 

 

 

 

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