The District of Columbia Release of Security Interest — Termination Statement is a legal document that signifies the release of a security interest on a property or asset in the District of Columbia. This form is used when a lender or secured party has previously held a security interest in a property, such as a car, real estate, or personal belongings, and that interest is now being terminated. The purpose of filing a Release of Security Interest — Termination Statement is to notify relevant parties, including potential buyers or other lenders, that the security interest has been removed and the property is no longer encumbered. This document ensures that the property can be freely transferred or used without any legal restrictions associated with the previously held security interest. In the District of Columbia, there are different types of Release of Security Interest — Termination Statements that may be applicable depending on the specific situation. These can include: 1. Vehicle Release of Security Interest — Termination Statement: This form is used to release a security interest held by a lender on a motor vehicle, such as a car or motorcycle. It confirms that the loan has been fully paid off, and the lender no longer has any legal claim on the vehicle. 2. Real Estate Release of Security Interest — Termination Statement: This document is utilized when a security interest held by a mortgage lender on a property is being terminated. It is typically filed with the District of Columbia Recorder of Deeds to remove the lien from the property's title. 3. Personal Property Release of Security Interest — Termination Statement: This type of form is employed for releasing a security interest on personal property other than motor vehicles or real estate. It may include assets like furniture, equipment, or valuable belongings. Filing this statement ensures that the title is free from any encumbrances and can be transferred to a new owner. To complete a District of Columbia Release of Security Interest — Termination Statement, certain information must be provided. This typically includes details regarding the debtor, the secured party, the secured property, and the date and terms of the original security agreement. The completed form then needs to be filed with the appropriate authority in the District of Columbia, such as the District of Columbia Recorder of Deeds, to make the termination of the security interest official and legally binding. Understanding the purpose and various types of District of Columbia Release of Security Interest — Termination Statements is crucial for anyone involved in the lending or borrowing process. By ensuring that all necessary documents are filed correctly, individuals can protect their rights to property and facilitate smooth transactions.
District of Columbia Release of Security Interest - Termination Statement
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How to fill out District Of Columbia Release Of Security Interest - Termination Statement?
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FAQ
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing.
When a secured party needs to assign or transfer all or a portion of its rights to the collateral listed in a UCC-1 financing statement. It is considered an alteration of the previous filing.
When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
Security interest filings in Washington, DC are filed with the Recorder of Deeds (ROD). If you have a UCC against real property, better known as a ?fixture filing?, this would be filed in the land records of the ROD, while vast majority are found in the ?chattel? records (yes, DC still uses the word chattel).
(35) "Security interest" means an interest in personal property or fixtures which secures payment or performance of an obligation. "Security interest" includes any interest of a consignor and a buyer of accounts, chattel paper, a payment intangible, or a promissory note in a transaction that is subject to Article 9.
This Article extends the period of automatic perfection in proceeds from 10 days to 20 days. Generally, a security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds.
A UCC filing is essentially a public record of collateral. It is a public, searchable record that protects a creditor's rights should the debtor default. This record is typically filed with the secretary of state, but since D.C. is not a state, it's filed with The District's Recorder of Deeds.
CT Corporation's experts will guide you through the complex Washington DC UCC search process ? from jurisdictional nuances to developing the optimal UCC search and filing strategy for your particular project.
