Continuation Statement


Continuation Statement
An amendment that is attached to a borrower's financing statement which extends the lender's lien on the borrower's collateral past the original expiration date. The actual continuation statement itself must be filed with the secretary of state or other appropriate authority before it can be attached to the financing statement.

The Uniform Commercial Code dictates that the lender's lien on the borrower's collateral ceases after five years. If the term of the loan extends past this time, then a continuation statement is commonly attached to the financing statement for the lender's protection. Continuation statements are subject to the laws of the jurisdiction in which they are located.


Investment dictionary. . 2012.

Look at other dictionaries:

  • continuation statement — USA UCC 3 continuation statement, Also known as a continuation statement. The amendment used to extend the effectiveness of a UCC 1 beyond the date which is five years after the date of its filing. The continuation statement should identify the… …   Law dictionary

  • UCC-3 continuation statement — USA UCC 3 continuation statement, Also known as a continuation statement. The amendment used to extend the effectiveness of a UCC 1 beyond the date which is five years after the date of its filing. The continuation statement should identify the… …   Law dictionary

  • continuation — A form and process by which a secured party extends the priority of its security interest in the public record. The priority of liens created under Article 9 of the UCC is usually established by filing a financing statement. Under the provisions… …   Financial and business terms

  • Continuation — For other uses, see Continuation (disambiguation). In computer science and programming, a continuation is an abstract representation of the control state of a computer program. A continuation reifies the program control state, i.e. the… …   Wikipedia

  • statement — 01. An aide read a prepared [statement] saying that the President would not be answering any questions until he received further information. 02. All general [statements] are false. 03. Our recent financial [statement] shows that we are doing… …   Grammatical examples in English

  • UCC-3 financing statement — USA UCC 3 financing statement, Also known as a UCC 3, UCC 3 financing statement amendment and, in the context of termination of a UCC 1 financing statement (UCC 1), a UCC 3 termination statement …   Law dictionary

  • UCC-3 financing statement amendment — USA UCC 3 financing statement, Also known as a UCC 3, UCC 3 financing statement amendment and, in the context of termination of a UCC 1 financing statement (UCC 1), a UCC 3 termination statement …   Law dictionary

  • UCC-3 termination statement — USA UCC 3 financing statement, Also known as a UCC 3, UCC 3 financing statement amendment and, in the context of termination of a UCC 1 financing statement (UCC 1), a UCC 3 termination statement …   Law dictionary

  • Call-with-current-continuation — In computer programming, the function call with current continuation, commonly abbreviated call/cc, is a control operator that originated in its current form in the Scheme programming language and now exists in several other programming languages …   Wikipedia

  • UCC-3 — USA UCC 3 financing statement, Also known as a UCC 3, UCC 3 financing statement amendment and, in the context of termination of a UCC 1 financing statement (UCC 1), a UCC 3 termination statement …   Law dictionary


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.