§ 41-09-84 — (9-513) Termination statement - Remedies - Fees

North Dakota § 41-09-84

• Jurisdiction: North Dakota
• Title 41: Uniform Commercial Code
• Ch. 41-09: Secured Transactions

Text

1. If a financing statement covering consumer goods is filed after December 31, 1973,
then within one month or within ten days following written demand by the debtor after
there is no outstanding secured obligation and no commitment to make advances,
incur obligations, or otherwise give value, the secured party shall file electronically in
the central indexing system, a termination statement to the effect that the secured
party no longer claims a security interest under the financing statement, which must be
identified by file number. In other cases when there is no outstanding secured
obligation and no written commitment between the secured party and the debtor to
make advances, incur obligations, or otherwise give value, the secured party, unless
requested by the debtor in writing to continue the filing, shall file electronically a
termination statement to the effect that the secured party no longer claims a security
interest under the financing statement nor under the central notice system, which shall
be identified by file number. If the affected secured party fails to file a termination
statement as required by this subsection within sixty days of when the secured
obligation is fully satisfied, and the debtor has not requested in writing that the filing be
continued, then under section 41-09-120 the secured party is liable to the debtor for
one hundred dollars and for any loss caused to the debtor by such failure. The debtor's
written request for a filing to be continued may be made at any time and be effective
under this section. If the affected secured party fails to file a termination statement
within ten days after proper written demand by the debtor, then under section
41-09-120 the secured party is liable to the debtor for one hundred dollars and for any
loss caused to the debtor by such failure.
2. Except as otherwise provided in section 41-09-81, upon the filing of a termination
statement, the financing statement to which the termination statement relates ceases
to be effective. Except as provided in section 41-09-81, for purposes of subsection 7 of
section 41-09-90, subsection 1 of section 41-09-93, and subsection 2 of section
41-09-94, the electronic filing 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.
3. The fee for filing and indexing a termination statement is included in the fee for filing
the financing statement.