Release of Security Interest - Termination Statement
About this form
The Release of Security Interest - Termination Statement is a legal document used to formally release a secured party's claim on collateral, thereby terminating the security interest recorded in a financing statement. This form is essential for both debtors and secured parties, as it signifies that the obligation has been fulfilled, allowing the debtor to be free from lien claims. It serves a distinct purpose compared to other forms, such as financing statements, as it enables the legal release of security interests rather than creating or amending them.
Key parts of this document
- File number of the original financing statement
- Place and date of filing of the financing statement
- Name and address of the debtor
- Name and address of the secured party
- Certification by the secured party that the security interest is released
- Date of execution and signature of the secured party
When to use this document
This form should be used when a debtor has fully paid off their debt or has satisfied the obligation for which the security interest was established. It is necessary to formally terminate the security interest when the debtor wants to regain full control of the collateral without any encumbrances. Common scenarios include completing payment in a loan agreement, finalizing settlement terms in business financing, or removing liens on property after fulfilling contractual obligations.
Who can use this document
- Debtors who have satisfied the obligations secured by a prior loan or credit agreement.
- Secured parties aiming to formally terminate their claim on collateral.
- Legal professionals assisting clients in the release of security interests.
How to prepare this document
- Identify and enter the file number of the original financing statement.
- Specify the place and date where the original financing statement was filed.
- Provide the name and address of the debtor clearly.
- Fill in the name and address of the secured party.
- Have the secured party certify that they are releasing the security interest.
- Sign and date the form at the bottom, making sure the details are accurate.
Does this form need to be notarized?
This form does not typically require notarization unless specified by local law. Always review local regulations to ensure compliance.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to enter the correct file number of the original financing statement.
- Neglecting to sign the form, which invalidates the release.
- Omitting the debtor's or secured party's address information.
- Incorrectly stating the date of filing or execution.
Why use this form online
- Convenience of downloading the form anytime and anywhere.
- Easy editability to customize fields as needed.
- Access to reliable, attorney-drafted forms that meet legal standards.
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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.
