§490:9-513  Termination statement.  (a) 
A secured party shall cause the secured party of record for a financing
statement to file a termination statement for the financing statement if the
financing statement covers consumer goods and:



(1)  There is no obligation secured by the collateral
covered by the financing statement and no commitment to make an advance, incur
an obligation, or otherwise give value; or



(2)  The debtor did not authorize the filing of the
initial financing statement.



(b)  To comply with subsection (a), a secured
party shall cause the secured party of record to file the termination
statement:



(1)  Within one month after there is no obligation
secured by the collateral covered by the financing statement and no commitment
to make an advance, incur an obligation, or otherwise give value; or



(2)  If earlier, within twenty days after the secured
party receives an authenticated demand from a debtor.



(c)  In cases not governed by subsection (a),
within twenty days after a secured party receives an authenticated demand from
a debtor, the secured party shall cause the secured party of record for a
financing statement to send to the debtor a termination statement for the
financing statement or file the termination statement in the filing office if:



(1)  Except in the case of a financing statement
covering accounts or chattel paper that has been sold or goods that are the
subject of a consignment, there is no obligation secured by the collateral
covered by the financing statement and no commitment to make an advance, incur
an obligation, or otherwise give value;



(2)  The financing statement covers accounts or
chattel paper that has been sold but as to which the account debtor or other
person obligated has discharged its obligation;



(3)  The financing statement covers goods that were
the subject of a consignment to the debtor but are not in the debtor's
possession; or



(4)  The debtor did not authorize the filing of the
initial financing statement.



(d)  Except as otherwise provided in section
490:9-510, upon the filing of a termination statement with the filing office,
the financing statement to which the termination statement relates ceases to be
effective.  Except as otherwise provided in section 490:9-510, for purposes of
sections 490:9-519(g), 490:9-522(a), and 490:9-523(c), the filing with the
filing office of a termination statement relating to a financing statement that
indicates that the debtor is a transmitting utility also causes the
effectiveness of the financing statement to lapse. [L 2000, c 241, pt of §1; am
L 2001, c 228, §7]