§ 34.1-9-513 — Termination statement

Wyoming § 34.1-9-513

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 9: 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:
(i) 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
(ii) 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:
(i) 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
(ii) If earlier, within twenty (20) days after the
secured party receives an authenticated demand from a debtor.
(c) In cases not governed by subsection (a), within twenty
(20) days after a secured party receives an authenticated 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:
(i) 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;
(ii) 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;
(iii) The financing statement covers goods that were
the subject of a consignment to the debtor but are not in the
debtor's possession; or
(iv) The debtor did not authorize the filing of the
initial financing statement.
(d) Except as otherwise provided in section 34.1-9-510,
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 W.S. 34.1-9-510, for purposes of W.S. 34.1-9-519(g),
34.1-9-522(a), and 34.1-9-523(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.