Tennessee Release of Security Interest — Termination Statement is a legal document that serves to officially terminate a security interest that has been placed on personal or real property in the state of Tennessee. This document is crucial for individuals and businesses involved in loan transactions where collateral has been pledged as security. In Tennessee, releasing a security interest is a necessary step once the underlying debt has been paid off or satisfied. The Release of Security Interest — Termination Statement is filed with the Tennessee Secretary of State to make the termination of the security interest public and to ensure that the collateral is no longer encumbered. Keywords: Tennessee, release of security interest, termination statement, legal document, personal property, real property, collateral, loan transactions, pledge, necessary, debt, satisfied, filed, Secretary of State, public, encumbered. Different types of Tennessee Release of Security Interest — Termination Statements may include: 1. Vehicle Release of Security Interest — Termination Statement: This type of termination statement is used when releasing a security interest on a vehicle, such as a car or motorcycle. It is important for both the lender and the borrower to ensure that the lien on the vehicle is officially released to avoid any future complications. 2. Real Estate Release of Security Interest — Termination Statement: This type of termination statement is applicable when a security interest has been placed on real estate property, such as a house or land. Once the mortgage or loan secured by the property is fully paid off, this document needs to be filed to release the security interest and clear the title. 3. Personal Property Release of Security Interest — Termination Statement: This type of termination statement applies to security interests placed on personal property, excluding vehicles and real estate. It can include a wide range of assets such as furniture, equipment, inventory, or machinery. Once the debt related to the property is satisfied, this statement needs to be filed to release the security interest. Keywords: Vehicle, real estate, personal property, lien, lender, borrower, complications, mortgage, loan, secured, filed, clear title, assets, furniture, equipment, inventory, machinery, debt.
Tennessee Release of Security Interest - Termination Statement
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How to fill out Tennessee Release Of Security Interest - Termination Statement?
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What Is a Termination Statement? A termination statement is a legal document signed by a lending institution. The purpose of the document is to confirm that a loan, previously extended by that lender, has since been repaid by the borrower.
In fact, it is sometimes called a UCC financing statement. 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.
3 termination statement (a ?Termination?) is a required filing that terminates a security interest that has been perfected by a UCC1 filing.
1 is a ?financing statement? filed to provide notice that a creditor has a security interest in a debtor's personal property. It is not an agreement.
For unsecured loans, such as credit cards or personal lines of credit, termination statements are not required. Once a termination statement has been signed by the lender, that lender will no longer have any legal recourse to the assets that were previously held as collateral.
A UCC financing statement is effective for a period of five (5) years. A financing statement lapses or terminates at the end of the five-year period. A continuation statement can be filed to extend the lapse date if it is filed within six (6) months before the security interest expires.
However, it is important to note that for a UCC1 filing a termination is only an amendment and that the UCC1 filing may be amended further, even after a termination has been filed. Box 3 ? Continuation ? A UCC1 filing is good for five years.
Our online search ( ) displays summary information about a financing statement (debtors, secured parties, dates). Information Requests (UCC11) can now be submitted online and as soon as payment is complete, you are able to retrieve a . pdf file of the images.
