Ohio Release of Security Interest - Termination Statement

State:
Multi-State
Control #:
US-0587BG
Format:
Word; 
Rich Text
Instant download

Description

This form is for the release of security interest.

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FAQ

Chapter 1301 | General Provisions of the Revised Code may be cited as the Uniform Commercial Code. (B) Sections 1301.101 to 1301.310 of the Revised Code may be cited as Uniform Commercial Code - General Provisions.

A perfected security interest is any secure interest in an asset that cannot be claimed by any other party. The interest is perfected by registering it with the appropriate statutory authority, so that it is made legally enforceable and any subsequent claim on that asset is given a junior status.

Section 1309.509 | Persons entitled to file a record - UCC 9-509. (2) The person holds an agricultural lien that has become effective at the time of filing, and the financing statement covers only collateral in which the person holds an agricultural lien.

3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing.

A secured party can release all or part of any collateral described in the financing statement, thereby terminating its security interest in that collateral. When a debtor has fully paid a debt, the debtor is entitled to have a termination statement filed if a UCC-1 was filed to perfect the security interest.

(A) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.

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Ohio Release of Security Interest - Termination Statement