A New York Release of Security Interest — Termination Statement refers to a legal document that serves to officially terminate or release a security interest on property or assets. This document is commonly used in financial transactions, such as loans or leases, where the borrower or debtor promises collateral to the lender or creditor. In the state of New York, there are different types of Release of Security Interest — Termination Statements, each catering to specific situations. These may include: 1. UCC-3 Termination Statement: This type of termination statement is filed with the New York Secretary of State's office under the Uniform Commercial Code (UCC). It is used when a security interest, as outlined in a previously filed UCC-1 financing statement, is terminated or released. 2. Mortgage Release: This type of termination statement is specifically related to the termination of a mortgage, which is a security interest on a property. Once a mortgage loan is fully paid off, the borrower may request the lender to prepare and file a Mortgage Release to officially release the security interest. 3. Lien Release: A lien is a legal claim against property that serves as collateral for a debt. In the event that the debt is fully satisfied, the creditor or lender issues a Lien Release to terminate the security interest and clear the title of the property. To prepare a New York Release of Security Interest — Termination Statement, relevant keywords to consider may include: — Release of securitinterestes— - Termination statement — New York UCC-— - Mortgage release - Lien release — Collatera— - Security agreement - Financed property Debtto— - Creditor - Promissory note - Satisfaction of debt — Titlclearancenc— - Filing requirements - Legal documentation It is important to consult with a legal professional or seek guidance from the appropriate authorities to ensure accurate preparation and filing of a New York Release of Security Interest — Termination Statement.
New York Release of Security Interest - Termination Statement
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How to fill out New York Release Of Security Interest - Termination Statement?
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UCC-3 collateral amendments: This type of filing is used to add collateral, remove collateral, or restate the entire collateral description. Prior to the UCC RA9, collateral amendments were also called ?releases?.
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.
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. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.
Ask the lender to terminate the lien upon payoff. 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.
Article 9 of the Uniform Commercial Code requires a financing statement to include the name of the debtor. It is important to set forth the exact legal name of the debtor in any filings that are made.
What authorization is required to file a financing statement? 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.
A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
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.
