A Kentucky Release of Security Interest — Termination Statement is a legal document used to officially and formally terminate a lender's security interest in a specific property or collateral. This document ensures that the property or collateral is no longer being used as collateral against a loan or other forms of debt. The Kentucky Release of Security Interest — Termination Statement is an essential part of the loan repayment process. Once the borrower has fulfilled all their financial obligations and the loan has been paid off, the lender must release their security interest to give the borrower clear ownership rights over the property or collateral. This document contains various important details such as the names and addresses of both the borrower and the lender. It also includes the loan or debt details, specifically identifying the collateral or property that was initially pledged as security. The document also explicitly states that the lender's security interest has been terminated and that they no longer have a claim or lien on the property. In Kentucky, there are no specific types of Release of Security Interest — Termination Statements designated by the state. However, it is important to note that different types of collateral may require their own unique forms or documentation. Real property, personal property, motor vehicle titles, and other types of collateral may have specialized forms or requirements. In order to maintain a clear legal record and ensure that all parties involved have acknowledged the release of security interest, it is crucial to follow the specific guidelines and requirements set forth by the state of Kentucky. This may involve filing the completed Termination Statement with the appropriate state authority or recording it with the appropriate county recorder's office. Overall, the Kentucky Release of Security Interest — Termination Statement is a vital document that facilitates the release of a lender's security interest on a property or collateral. It serves as proof that the loan has been fulfilled and grants the borrower full ownership rights. To ensure compliance with state regulations, it is advisable to consult legal professionals or utilize standardized forms provided by the state.
Kentucky Release of Security Interest - Termination Statement
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How to fill out Kentucky Release Of Security Interest - Termination Statement?
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FAQ
Ordering a title generates a form called a ?goldenrod? that can be used in place of the title for 30 days. This form looks like the registration to the vehicle, but has a red stamp to indicate ?for lien filing purposes only? and also an embossed county seal on the page.
Kentucky is NOT a title holding state. Once your vehicle is registered with us, you will receive a KY title with a lien held by your lender reflected on it. This prohibits you from transferring the vehicle until the lien is satisfied.
The lien is effective from the date on which the security interest is noted on the certificate of title for a period of ten (10) years, or in the case of a manufactured home for a period of thirty (30) years or until discharged.
Lien Fees Title Lien Statement$ 22.00(1)(2)(3)(4)Late Filing Penalty - Title Lien Statement$ 2.00(4)Assignment$ 13.00(1)(4)Amendment$ 13.00(1)(4)Continuation$ 0.002 more rows
Q: What forms do you accept to release a lien? A: The Kentucky County Clerk's Association voted to only accept one of the following forms to release vehicle liens: Original Clerk's Filing Receipt, Title Lien Statement (Form TC96-187), or a UCC-3 Financing Statement Amendment.
?TC 96-187. ?Title Lien Statement.
(KRS 355.9-513 (2)). The termination must be filed in the county where the lien was originally filed. The termination statement must come from the secured party. Effective July 15, 2004 the termination statement must be signed by the secured party (KRS 186.045).
