Puerto Rico 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.

How to fill out Release Of Security Interest - Termination Statement?

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FAQ

(1) A security interest in chattel paper or negotiable documents may be perfected by filing. A security interest in the right to proceeds of a written letter of credit can be perfected only by the secured party's taking possession of the letter of credit.

The two methods for perfecting a security interest are: public filing and possession.

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

Automatic Perfection Certain types of collateral are automatically perfected. This means that the secured party does not have to file a financing statement, possess the collateral or exercise control over it to perfect a security interest and have priority over other creditors.

Louisiana and Puerto Rico have enacted most of the provisions of the UCC with only minimal changes, except Articles 2 and 2A, preferring instead to maintain their own civil law tradition for governing the sale and lease of goods.

There are four primary ways in which an attached security interest may be perfected ? filing, possession, control and automatic perfection. The most common method of perfecting a security interest is filing a financing statement.

However, generally speaking, the primary ways for a secured party to perfect a security interest are: by filing a financing statement with the appropriate public office. by possessing the collateral. by "controlling" the collateral; or. it's done automatically when the security interest attaches.

In order to properly perfect your interest, your financing statement must (i) provide the correct legal name and exact spelling of your debtor's name; (ii) provide the name of the secured party or a representative thereof; and (iii) include sufficient description of the collateral.

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Puerto Rico Release of Security Interest - Termination Statement