Massachusetts 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
1 filing is good for five years. After five years, it is considered lapsed and no longer valid.
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.
Pay Off the Loan in Full Though many may not have the funds available to pay off the loan, doing so is the easiest way to remove a UCC lien. Once you have paid off the loan, you can request that the lender release the lien.
If you need to remove a UCC filing form your credit report, ask the lender to file for its removal. In order to do this, they need to file a UCC-3 Financing Statement Amendment. You can also just wait it out. Depending on how long you have been with the lender, the filing may be removed within a few months.
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC3 with the Secretary of State's office in the appropriate state.
In a word, yes, as long as there is no existing obligation to the lender and one follows a specific process. The process for debtors to terminate UCC filings on themselves is provided for in the Uniform Commercial Code and can be found here in Section 9-513 of the Uniform Commercial Code.
Regardless of the nature of the collateral, the filing office is the office for filing all UCC records where the debtor is a transmitting utility. (2) Records may be mailed or delivered to the filing office at: Secretary of Commonwealth UCC Division One Ashburton Place, Room 1711 Boston, MA 02108-1512.
A lender may perfect a security interest in an instrument either by filing or possession. Priority as between a secured party having possession and the secured party having a filing goes to the secured party having possession.
