§ 6A-9-513 Termination statement. –(a) Consumer goods. A secured party shall cause the secured party ofrecord for a financing statement to file a termination statement for thefinancing statement if the financing statement covers consumer goods and:
(1) There is no obligation secured by the collateral coveredby the financing statement and no commitment to make an advance, incur anobligation, or otherwise give value; or
(2) The debtor did not authorize the filing of the initialfinancing statement.
(b) Time for compliance with subsection (a). To complywith subsection (a), a secured party shall cause the secured party of record tofile the termination statement:
(1) Within one month after there is no obligation secured bythe collateral covered by the financing statement and no commitment to make anadvance, incur an obligation, or otherwise give value; or
(2) If earlier, within twenty (20) days after the securedparty receives an authenticated demand from a debtor.
(c) Other collateral. In cases not governed bysubsection (a), within 20 days after a secured party receives an authenticateddemand from a debtor, the secured party shall cause the secured party of recordfor a financing statement to send to the debtor a termination statement for thefinancing statement or file the termination statement in the filing office if:
(1) Except in the case of a financing statement coveringaccounts or chattel paper that has been sold or goods that are the subject of aconsignment, there is no obligation secured by the collateral covered by thefinancing statement and no commitment to make an advance, incur an obligation,or otherwise give value;
(2) The financing statement covers accounts or chattel paperthat has been sold but as to which the account debtor or other person obligatedhas discharged its obligation;
(3) The financing statement covers goods that were thesubject 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 initialfinancing statement.
(d) Effect of filing termination statement. Except asotherwise provided in § 6A-9-510, upon the filing of a terminationstatement with the filing office, the financing statement to which thetermination statement relates ceases to be effective. Except as otherwiseprovided in § 6A-9-510, for purposes of §§ 6A-9-519(g),6A-9-522(a), and 6A-9-523(c), the filing with the filing office of atermination statement relating to a financing statement that indicates that thedebtor is a transmitting utility also causes the effectiveness of the financingstatement to lapse.
§ 6A-9-513 Termination statement. –(a) Consumer goods. A secured party shall cause the secured party ofrecord for a financing statement to file a termination statement for thefinancing statement if the financing statement covers consumer goods and:
(1) There is no obligation secured by the collateral coveredby the financing statement and no commitment to make an advance, incur anobligation, or otherwise give value; or
(2) The debtor did not authorize the filing of the initialfinancing statement.
(b) Time for compliance with subsection (a). To complywith subsection (a), a secured party shall cause the secured party of record tofile the termination statement:
(1) Within one month after there is no obligation secured bythe collateral covered by the financing statement and no commitment to make anadvance, incur an obligation, or otherwise give value; or
(2) If earlier, within twenty (20) days after the securedparty receives an authenticated demand from a debtor.
(c) Other collateral. In cases not governed bysubsection (a), within 20 days after a secured party receives an authenticateddemand from a debtor, the secured party shall cause the secured party of recordfor a financing statement to send to the debtor a termination statement for thefinancing statement or file the termination statement in the filing office if:
(1) Except in the case of a financing statement coveringaccounts or chattel paper that has been sold or goods that are the subject of aconsignment, there is no obligation secured by the collateral covered by thefinancing statement and no commitment to make an advance, incur an obligation,or otherwise give value;
(2) The financing statement covers accounts or chattel paperthat has been sold but as to which the account debtor or other person obligatedhas discharged its obligation;
(3) The financing statement covers goods that were thesubject 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 initialfinancing statement.
(d) Effect of filing termination statement. Except asotherwise provided in § 6A-9-510, upon the filing of a terminationstatement with the filing office, the financing statement to which thetermination statement relates ceases to be effective. Except as otherwiseprovided in § 6A-9-510, for purposes of §§ 6A-9-519(g),6A-9-522(a), and 6A-9-523(c), the filing with the filing office of atermination statement relating to a financing statement that indicates that thedebtor is a transmitting utility also causes the effectiveness of the financingstatement to lapse.
§ 6A-9-513 Termination statement. –(a) Consumer goods. A secured party shall cause the secured party ofrecord for a financing statement to file a termination statement for thefinancing statement if the financing statement covers consumer goods and:
(1) There is no obligation secured by the collateral coveredby the financing statement and no commitment to make an advance, incur anobligation, or otherwise give value; or
(2) The debtor did not authorize the filing of the initialfinancing statement.
(b) Time for compliance with subsection (a). To complywith subsection (a), a secured party shall cause the secured party of record tofile the termination statement:
(1) Within one month after there is no obligation secured bythe collateral covered by the financing statement and no commitment to make anadvance, incur an obligation, or otherwise give value; or
(2) If earlier, within twenty (20) days after the securedparty receives an authenticated demand from a debtor.
(c) Other collateral. In cases not governed bysubsection (a), within 20 days after a secured party receives an authenticateddemand from a debtor, the secured party shall cause the secured party of recordfor a financing statement to send to the debtor a termination statement for thefinancing statement or file the termination statement in the filing office if:
(1) Except in the case of a financing statement coveringaccounts or chattel paper that has been sold or goods that are the subject of aconsignment, there is no obligation secured by the collateral covered by thefinancing statement and no commitment to make an advance, incur an obligation,or otherwise give value;
(2) The financing statement covers accounts or chattel paperthat has been sold but as to which the account debtor or other person obligatedhas discharged its obligation;
(3) The financing statement covers goods that were thesubject 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 initialfinancing statement.
(d) Effect of filing termination statement. Except asotherwise provided in § 6A-9-510, upon the filing of a terminationstatement with the filing office, the financing statement to which thetermination statement relates ceases to be effective. Except as otherwiseprovided in § 6A-9-510, for purposes of §§ 6A-9-519(g),6A-9-522(a), and 6A-9-523(c), the filing with the filing office of atermination statement relating to a financing statement that indicates that thedebtor is a transmitting utility also causes the effectiveness of the financingstatement to lapse.
