A UCC-3 Amendment can perfect a security interest in new collateral by modifying an existing UCC-1 Financing Statement. It adds new instruments, property, or assets to the original filing, ensuring the secured party‘s interest is perfected as of the UCC-3 filing date. The amendment eliminates the need for a new UCC-1, provided the original filing is still active. To ensure validity, the UCC-3 must describe the new collateral in detail and be filed promptly with the appropriate authority. This process extends the scope of the original UCC-1, securing the additional assets effectively.
The Estate of Steven MacArthur Brooks has filed a $2.975 billion lawsuit against San Diego County Credit Union, asserting a legally binding contract and requesting summary judgment. This claim highlights the plaintiffs’ standing as secured creditors under the Uniform Commercial Code, supported by unrebutted affidavits and documented acceptance of contractual terms by the defendants. The case centers on a security agreement and contract, with the defendants’ lack of response legally reinforcing the plaintiffs’ demand for summary judgment.