A North Dakota Termination Statement is a legal document used to officially terminate a financing statement filed with the Secretary of State of North Dakota. It is often utilized when a debtor has paid off a debt or a security interest has been released. This statement serves as proof that the lien or encumbrance on the debtor's personal or real property has been released or is no longer valid. The North Dakota Termination Statement must comply with the requirements set forth in the Uniform Commercial Code (UCC) of North Dakota. It typically includes key details such as the debtor's name and address, the secured party's name and address, the date of the initial financing statement, and a clear statement of termination. It is important that this document is accurately completed and filed with the Secretary of State in order to properly terminate the financing statement. There are two primary types of North Dakota Termination Statements, each catering to different scenarios: 1. Voluntary Termination Statement: This type of termination statement is used when a debtor has fully repaid a loan or debt secured by collateral, and the secured party willingly releases their interest on the property. The debtor or the secured party can file this document with the Secretary of State, effectively terminating the security interest. 2. Involuntary Termination Statement: In certain cases, a termination statement can be filed by a secured party without the debtor's consent. This usually occurs when a secured party wrongly claims an interest in the debtor's property or when the security agreement has expired or become unenforceable. The secured party must provide legal justification for the involuntary termination. Properly executing a North Dakota Termination Statement is crucial to ensure that the release of a security interest is recorded and recognized by relevant parties. It helps in protecting the debtor's interests, clearing title to the property, and providing accurate records in case of future disputes or transactions involving the collateral.
North Dakota Termination Statement
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How to fill out North Dakota Termination Statement?
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