A West Virginia Termination Statement is a formal legal document that terminates or releases a security interest in a specific property by a secured party. It serves as evidence that a security interest, such as a mortgage or lien, has been released, and the debtor's obligation to the secured party has been fulfilled or extinguished. This termination statement is crucial for maintaining accurate and updated records concerning the ownership status of a property. Keywords: West Virginia, Termination Statement, legal document, security interest, property, secured party, evidence, release, mortgage, lien, debtor, obligation, fulfilled, extinguished, accurate records, ownership status. There are two main types of West Virginia Termination Statements: 1. West Virginia UCC-3 Termination Statement: This termination statement is filed under the Uniform Commercial Code (UCC), which governs commercial transactions. It is commonly used when terminating a security interest on personal property, such as equipment, inventory, or accounts receivable. 2. West Virginia Mortgage Termination Statement: This termination statement is specifically used to release a mortgage lien on real property, such as a house, land, or commercial building. It is essential when a borrower has fully paid off their mortgage and wants to remove the mortgage lien from the property's title. In both cases, filing the appropriate termination statement in the correct jurisdiction is crucial to ensure the release of the security interest is properly recorded, protecting both the debtor's rights and the secured party's interests. Failure to file a termination statement can result in confusion or potential legal disputes regarding the property's ownership status. Keywords: West Virginia, Termination Statement, UCC-3, Uniform Commercial Code, personal property, equipment, inventory, accounts receivable, Mortgage Termination Statement, mortgage lien, real property, house, land, commercial building, paid off, title, jurisdiction, recording, rights, legal disputes.
West Virginia Termination Statement
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How to fill out West Virginia Termination Statement?
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First, the debtor must send an authenticated demand to the secured party. The demand should be sent to the name/address of the secured party as indicated on the financing statement. 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.
When you are ready to dissolve your West Virginia corporation, you file original Articles of Dissolution with the West Virginia Secretary of State, Business Division (SOS). West Virginia SOS does not require the use of their forms. They do not require original signatures.
3 is used as a way to amend that original lien filing and do things like terminate the UCC, edit any of the details of the lien, or assign your interests to another secured party for the lien.
File a dissolution, termination, withdrawal, or cancellation online quickly and conveniently through the One Stop Business Portal. The Secretary of State's Office also provides forms that meet minimum state law requirements available online through the Secretary of State Form Search.
You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets.
Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
Pay Off the Loan in Full Though many may not have the funds available to pay off the loan, doing so is the easiest way to remove a UCC lien. Once you have paid off the loan, you can request that the lender release the lien.
