§ 4-9-513 — Termination statement

Colorado § 4-9-513

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Secured Transactions

Text

(a) A secured party shall cause the
secured party of record for a financing statement to file a termination statement for
the financing statement if the financing statement covers consumer goods and:

(1) There is no obligation secured by the collateral covered by the financing
statement and no commitment to make an advance, incur an obligation, or
otherwise give value; or

(2) The debtor did not authorize the filing of the initial financing statement.

(b) To comply with subsection (a) of this section, a secured party shall cause
the secured party of record to file the termination statement:

(1) Within one month after there is no obligation secured by the collateral
covered by the financing statement and no commitment to make an advance, incur
an obligation, or otherwise give value; or

(2) If earlier, within twenty days after the secured party receives a signed
demand from a debtor.

(c) In cases not governed by subsection (a) of this section, within twenty days
after a secured party receives a signed demand from a debtor, the secured party
shall cause the secured party of record for a financing statement to send to the
debtor a termination statement for the financing statement or file the termination
statement in the filing office if:

(1) Except in the case of a financing statement covering accounts or chattel
paper that has been sold or goods that are the subject of a consignment, there is no
obligation secured by the collateral covered by the financing statement and no
commitment to make an advance, incur an obligation, or otherwise give value;

(2) The financing statement covers accounts or chattel paper that has been
sold but as to which the account debtor or other person obligated has discharged
its obligation;

(3) The financing statement covers goods that were the subject of a
consignment to the debtor but are not in the debtor's possession; or

(4) The debtor did not authorize the filing of the initial financing statement.

(d) Except as otherwise provided in section 4-9-510, upon the filing of a
termination statement with the filing office, the financing statement to which the
termination statement relates ceases to be effective. Except as otherwise provided
in section 4-9-510, for purposes of sections 4-9-519 (g), 4-9-522 (a), and 4-9-523
(c), the filing with the filing office of a termination statement relating to a financing
statement that indicates that the debtor is a transmitting utility also causes the
effectiveness of the financing statement to lapse.

Legislative History

Source: L. 2001: Entire article R&RE, p. 1385, � 1, effective July 1. L. 2023: (b)(2) and IP(c) amended, (SB 23-090), ch. 136, p. 559, � 75, effective August 7.