(a) Consumer goods. A secured party shall cause the secured party of recordfor a financing statement to file a termination statement for the financingstatement if the financing statement covers consumer goods and:
(1) there is no obligation secured by the collateral covered by the financingstatement and no commitment to make an advance, incur an obligation, orotherwise give value; or
(2) the debtor did not authorize the filing of the initial financingstatement.
(b) Time for compliance with subsection (a). To comply with subsection (a), asecured party shall cause the secured party of record to file the terminationstatement:
(1) within one month after there is no obligation secured by the collateralcovered 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 anauthenticated demand from a debtor.
(c) Other collateral. In cases not governed by subsection (a), within twentydays after a secured party receives an authenticated demand from a debtor,the secured party shall cause the secured party of record for a financingstatement to send to the debtor a termination statement for the financingstatement or file the termination statement in the filing office if:
(1) except in the case of a financing statement covering accounts or chattelpaper that has been sold or goods that are the subject of a consignment,there is no obligation secured by the collateral covered by the financingstatement and no commitment to make an advance, incur an obligation, orotherwise give value;
(2) the financing statement covers accounts or chattel paper that has beensold but as to which the account debtor or other person obligated hasdischarged its obligation;
(3) the financing statement covers goods that were the subject of aconsignment to the debtor but are not in the debtor's possession; or
(4) the debtor did not authorize the filing of the initial financingstatement.
(d) Effect of filing termination statement. Except as otherwise provided in §8.9A-510, upon the filing of a termination statement with the filing office,the financing statement to which the termination statement relates ceases tobe effective. Except as otherwise provided in § 8.9A-510, for purposes of §§8.9A-519 (g), 8.9A-522 (a), and 8.9A-523 (c), the filing with the filingoffice of a termination statement relating to a financing statement thatindicates that the debtor is a transmitting utility also causes theeffectiveness of the financing statement to lapse.
(1964, c. 219, § 8.9-404; 1973, c. 509; 1975, c. 225; 1977, c. 539; 1982, c.652; 1984, cc. 40, 771; 1988, c. 804; 1990, c. 412; 2000, c. 1007.)
(a) Consumer goods. A secured party shall cause the secured party of recordfor a financing statement to file a termination statement for the financingstatement if the financing statement covers consumer goods and:
(1) there is no obligation secured by the collateral covered by the financingstatement and no commitment to make an advance, incur an obligation, orotherwise give value; or
(2) the debtor did not authorize the filing of the initial financingstatement.
(b) Time for compliance with subsection (a). To comply with subsection (a), asecured party shall cause the secured party of record to file the terminationstatement:
(1) within one month after there is no obligation secured by the collateralcovered 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 anauthenticated demand from a debtor.
(c) Other collateral. In cases not governed by subsection (a), within twentydays after a secured party receives an authenticated demand from a debtor,the secured party shall cause the secured party of record for a financingstatement to send to the debtor a termination statement for the financingstatement or file the termination statement in the filing office if:
(1) except in the case of a financing statement covering accounts or chattelpaper that has been sold or goods that are the subject of a consignment,there is no obligation secured by the collateral covered by the financingstatement and no commitment to make an advance, incur an obligation, orotherwise give value;
(2) the financing statement covers accounts or chattel paper that has beensold but as to which the account debtor or other person obligated hasdischarged its obligation;
(3) the financing statement covers goods that were the subject of aconsignment to the debtor but are not in the debtor's possession; or
(4) the debtor did not authorize the filing of the initial financingstatement.
(d) Effect of filing termination statement. Except as otherwise provided in §8.9A-510, upon the filing of a termination statement with the filing office,the financing statement to which the termination statement relates ceases tobe effective. Except as otherwise provided in § 8.9A-510, for purposes of §§8.9A-519 (g), 8.9A-522 (a), and 8.9A-523 (c), the filing with the filingoffice of a termination statement relating to a financing statement thatindicates that the debtor is a transmitting utility also causes theeffectiveness of the financing statement to lapse.
(1964, c. 219, § 8.9-404; 1973, c. 509; 1975, c. 225; 1977, c. 539; 1982, c.652; 1984, cc. 40, 771; 1988, c. 804; 1990, c. 412; 2000, c. 1007.)
(a) Consumer goods. A secured party shall cause the secured party of recordfor a financing statement to file a termination statement for the financingstatement if the financing statement covers consumer goods and:
(1) there is no obligation secured by the collateral covered by the financingstatement and no commitment to make an advance, incur an obligation, orotherwise give value; or
(2) the debtor did not authorize the filing of the initial financingstatement.
(b) Time for compliance with subsection (a). To comply with subsection (a), asecured party shall cause the secured party of record to file the terminationstatement:
(1) within one month after there is no obligation secured by the collateralcovered 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 anauthenticated demand from a debtor.
(c) Other collateral. In cases not governed by subsection (a), within twentydays after a secured party receives an authenticated demand from a debtor,the secured party shall cause the secured party of record for a financingstatement to send to the debtor a termination statement for the financingstatement or file the termination statement in the filing office if:
(1) except in the case of a financing statement covering accounts or chattelpaper that has been sold or goods that are the subject of a consignment,there is no obligation secured by the collateral covered by the financingstatement and no commitment to make an advance, incur an obligation, orotherwise give value;
(2) the financing statement covers accounts or chattel paper that has beensold but as to which the account debtor or other person obligated hasdischarged its obligation;
(3) the financing statement covers goods that were the subject of aconsignment to the debtor but are not in the debtor's possession; or
(4) the debtor did not authorize the filing of the initial financingstatement.
(d) Effect of filing termination statement. Except as otherwise provided in §8.9A-510, upon the filing of a termination statement with the filing office,the financing statement to which the termination statement relates ceases tobe effective. Except as otherwise provided in § 8.9A-510, for purposes of §§8.9A-519 (g), 8.9A-522 (a), and 8.9A-523 (c), the filing with the filingoffice of a termination statement relating to a financing statement thatindicates that the debtor is a transmitting utility also causes theeffectiveness of the financing statement to lapse.
(1964, c. 219, § 8.9-404; 1973, c. 509; 1975, c. 225; 1977, c. 539; 1982, c.652; 1984, cc. 40, 771; 1988, c. 804; 1990, c. 412; 2000, c. 1007.)
