Release of Security Interest - Termination Statement
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FAQ
After receiving your request, the lender has 20 days to terminate the UCC filing.
If you ever find yourself in that frustrating situation the answer is: Yes, you can, providing there is no existing obligation to the lender. This is provided for in Section 9-513 of the Uniform Commercial Code.
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.
By Practical Law Finance. This note describes the practicalities of releasing a mortgage or charge that has been given by a security provider over its property, assets and undertaking to a lender under a security agreement.
A UCC-3 termination statement (a Termination) is a required filing that terminates a security interest that has been perfected by a UCC-1 filing. 1. A Termination for personal property is accomplished by completing and filing form UCC-3 with the Secretary of State's office in the appropriate state.
Enter your information. The type of information you can use to search UCC filings varies among states. Retrieve your results. The website will return results based on the information you entered. Record financial statement numbers.
Rules vary by State around releasing a UCC lien after a borrower satisfied the debt. Primarily there are two main ways to remove them. One way is by having the lender file a UCC-3 Financing Statement Amendment. Another way to remove a UCC filing is by swearing an oath of full payment at the secretary of state office.
A short-form agreement releasing a security interest in intellectual property (IP) included as collateral in a secured loan transaction. This release can be recorded with the US Patent and Trademark Office (USPTO) and US Copyright Office to terminate and release security interests filed against US IP.
