§ 26-1-9.1-513 — Termination statement for financing statement

Indiana § 26-1-9.1-513

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 9.1: 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), a secured party shall cause the
secured party of record to file the termination statement:
(1) within one (1) 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 (20) days after the secured party
receives a signed demand from a debtor.
(c) In cases not governed by subsection (a), within twenty (20) 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 IC 26-1-9.1-510, 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 IC 26-1-9.1-510, for
purposes of IC 26-1-9.1-519(g), IC 26-1-9.1-522(a), and IC 26-1-9.1-523(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

As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.75.