Release Of Security Agreement Form
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FAQ
Upon termination of this Loan Agreement and repayment to the Lender of all Secured Obligations and the performance of all obligations under the Loan Documents, the Lender shall release its security interest in any remaining Collateral; provided that if any payment, or any part thereof, of any of the Secured Obligations
Security release means a release conditioned on a promise to appear in court at all appropriate times which is secured by cash, stocks, bonds or real property.
File a UCC-3 termination statement if you are releasing the entire security interest. File a UCC-3 amendment statement to either amend the collateral description or release certain collateral if only part of the security interest in collateral is being released.
The practical takeaway is that an amended and restated agreement should expressly state the intent of the parties that the security interest and liens in the collateral under the original security agreement continue in full force and effect and that the amended and restated agreement is not intended to be a novation.