A New York Termination Statement refers to a crucial legal document that signals the end or termination of a financing statement. It serves as official proof that a previous financing statement, which established a security interest in a debtor's collateral, has been canceled or terminated. A financing statement is typically filed to announce a creditor's security interest in a debtor's property or assets, typically as collateral for a loan. However, when the loan has been repaid or the security interest is no longer valid, a Termination Statement needs to be filed to terminate the original financing statement. Failure to file a Termination Statement can lead to confusion and potential disputes regarding the status of the collateral or property involved. In New York, there are two main types of Termination Statements: Uniform Commercial Code (UCC) Termination Statements and Mortgage Termination Statements. 1. UCC Termination Statement: This type of Termination Statement is used when terminating a financing statement filed under the Uniform Commercial Code. The UCC governs commercial transactions and provides a framework for establishing and protecting security interests in personal property. When a debtor has repaid the debt or fulfilled the obligations, the creditor must file a UCC Termination Statement to release their claim on the debtor's collateral, ensuring that the security interest is officially terminated. 2. Mortgage Termination Statement: A Mortgage Termination Statement is utilized when a mortgage loan has been fully paid off by the borrower, and the lender needs to release their lien or claim on the mortgaged property. This statement is filed with the appropriate county recorder's office to publicly declare the discharge of the mortgage and free the property from any encumbrances. To properly execute a New York Termination Statement, it is essential to include specific keywords and information. These include the debtor's name, the secured party's name, the original financing statement number, the date of the original filing, and a clear statement specifying the termination or release of the security interest. Providing accurate and detailed information is crucial to ensure that the termination is recorded correctly and legally binding. In conclusion, a New York Termination Statement is a critical legal document used to terminate a previously filed financing statement and release a creditor's security interest in a borrower's collateral or property. Understanding the different types, such as UCC Termination Statements and Mortgage Termination Statements, is essential for creditors and debtors alike. Timely and accurate filing of a Termination Statement is crucial to maintain clarity and avoid disputes related to security interests or liens.
New York Termination Statement
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There are some basic steps to dissolving an LLC in New York. Step 1: Vote to dissolve the LLC. Review your company's operating agreement. ... Step 2: File articles of dissolution. You must file the articles of dissolution within 90 days after performing step 1. ... Step 3: Winding up. ... Step 4: File the final tax return.
New York Department of State Due Date: Biennially by the end of the registration anniversary month. Penalty: No late fee.
Voluntary dissolution is generally a two-step process: Obtaining written consent from the Tax Department1 (which will check to see if the corporation owes back taxes and if it has filed all its returns)2; and. Filing paperwork with the New York Department of State, including a Certificate of Dissolution.
Domestic and foreign business corporations are required by Section 408 of the Business Corporation Law to file a Biennial Statement every two years with the New York Department of State.
All LLCs opened in NY are required to file an annual report. The report is currently filed every two years, as a biennial report. However, this may change over time and it's important to stay in good standing with the state with maintain annual compliance in case this requirement will change.
Complete and file the Articles of Dissolution with the Department of State. The completed Articles of Dissolution, together with the statutory fee of $60, should be forwarded to: New York Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231.
Any Certificate of Status or status letter obtained from the New York Department of State will reflect that the corporation or LLC is past due in the filing of its Biennial Statement. This may prevent the corporation or LLC from completing certain business transactions.
The state uses biennial statements to stay informed of the contact information of your LLC. Your biennial statement must provide the following information: The name of your LLC. Your Service of Process address.
