District of Columbia Release of Security Interest - Termination Statement
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How to fill out 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.
