Partial release and partial assignment
Q1. How does a partial release change a UCC record?
A1. A partial release is filed as an amendment to the original UCC filing. This amendment states which collateral or party was released from the lien.
Q2. Can I file a partial release?
A2. In most cases, a secured party named on the record is responsible for filing a partial release.
Generally, the IRS will terminate or release an IRS lien. In some cases, the IRS will prepare a release or withdrawal form and give it to the taxpayer to file.
In some circumstances, a debtor can release a UCC Financing Statement. If the debtor's obligation has been fulfilled and the secured party fails to file a release, the debtor may choose to file a release. For more information, see sections 4-9-513 and 4-9-509, C.R.S.
Q3. As a secured party, can I file a partial assignment?
A3. Yes. By filing an amendment to the original UCC document, you may add an assignee to the collateral associated with the UCC filing.
Q4. How do I file a partial release/assignment?
A4. To file a partial release:
- Go to the UCC filing system.
- Click on "Amend an existing record"
- Enter the original document number of the record that will be released.
- Choose the filing office where the original document was filed in the drop-down menu.
- Click on "Search."
- Review the record information.
- Continue to the Collateral tab.
- Select to Add, Delete, or Restate collateral to modify the record.
- Continue through each tab and submit payment; you will be taken to a confirmation page once the filing is complete
For help with filing, see the form instructions.