A
secured party which has previously filed a financing statement
covering consumer goods is required to file a termination
statement within thirty days after there is no longer any
obligation secured by the collateral listed.
|
In
most cases, when the loan is repaid for which the collateral
served as security, the termination must be filed.
|
§46-9-513 |
| A
secured party which has previously filed a financing statement
covering consumer goods is required to file a termination
statement within twenty days after the debtor makes an
authenticated demand if there is no longer any obligation secured
by the collateral listed. |
For
example, if the debtor demands the termination in writing on the
day he pays off the loan, the secured party would have to file
within twenty days. |
§46-9-513 |
| A
secured party which has filed a financing statement covering
consumer goods must file a termination statement if the debtor did
not authorize the initial filing. |
|
§46-9-513 |
