This form is used when the signing party hereby certifies that the referenced Operating Agreement has expired and that the Memorandum of Operating Agreement and Financing Statement is fully released and discharged and the parties to the Operating Agreement no longer claim any security interest under the above mentioned Financing Statement.
District of Columbia Release of Memorandum of Operating Agreement and Termination of Financing Statement
Category:
State:
Multi-State
Control #:
US-OG-766
Format:
Word;
Rich Text
Instant download
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How to fill out Release Of Memorandum Of Operating Agreement And Termination Of Financing Statement?
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FAQ
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).
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.
UCC Financing Statement (usually called a UCC-1 Form) is a form that creditors file with states in which they have a security interest in a debtor's personal property.
The UCC permits a creditor to file a financing statement if the debtor has entered into a security agreement or if the debtor has provided authorization in an authenticated record (U.C.C.
A secured party must be authorized to file a financing statement against the assets of the debtor. If the debtor is bound by a security agreement, authorization to file a financing statement is implied.
Original Financing Statement (UCC1) Subsection (a) (2) provides that the office in which to file a financing statement to perfect a security interest is the office of the Secretary of State in all other cases.
Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.
First, the debtor must send an authenticated demand to the secured party. The demand should be sent to the name/address of the secured party as indicated on the financing statement. The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file.
