Wyoming § 34-21-1104 Termination; notice

Wyoming Statutes

§ 34-21-1104 — Termination; notice

Wyoming § 34-21-1104

Title 34Property, Conveyances and Security Transactions

Ch. 21UNIFORM COMMERCIAL CODE

Art. 11CENTRAL FILING SYSTEM - AGRICULTURAL PRODUCTS

This text of Wyoming § 34-21-1104 (Termination; notice) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 34-21-1104 (2026).

Text

(a)Whenever there is no outstanding secured obligation and no commitment to make advances, incur obligations or otherwise give value, the secured party shall notify the debtor in writing of his right to have a notice of lapse of his effective financing statement filed which shall lead to the removal of his name from the files and lists compiled by the secretary of state. In lieu of that notice, the secured party may acquire a waiver of the debtor of that right and a request by the debtor that his effective financing statement be retained on file. The notice may be given or waiver acquired by the secured party at any time prior to the time specified in this subsection for giving the notice.

(b)If the secured party does not furnish the notice or obtain the waiver specified in subsection (a

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(a) Whenever there is no outstanding secured obligation
and no commitment to make advances, incur obligations or
otherwise give value, the secured party shall notify the debtor
in writing of his right to have a notice of lapse of his
effective financing statement filed which shall lead to the
removal of his name from the files and lists compiled by the
secretary of state. In lieu of that notice, the secured party
may acquire a waiver of the debtor of that right and a request
by the debtor that his effective financing statement be retained
on file. The notice may be given or waiver acquired by the
secured party at any time prior to the time specified in this
subsection for giving the notice.
(b) If the secured party does not furnish the notice or
obtain the waiver specified in subsection (a) of this section,
the secured party shall, within ten (10) days of final payment
of all secured obligations, file a notice of termination with
the secretary of state. The secured party shall on written
demand by the debtor send the debtor a notice of termination to
the effect that he no longer claims a security interest under
the effective financing statement, which shall be identified by
file number. The notice of termination is valid if signed by
the secured party.
(c) If the affected secured party fails to send a notice
of lapse within ten (10) days after proper demand under
subsection (b) of this section, he is liable to the debtor for
the amount of one hundred dollars ($100.00) and for any loss
caused to the debtor by the failure.
(d) On presentation to the secretary of state of a notice
of lapse, he shall treat it as a termination statement and note
it in the index.