400.9-513. Termination statement. - Missouri Statutes

Termination statement.

400.9-513. (a) A secured party shall cause the secured party ofrecord for a financing statement to file a termination statement for thefinancing statement if the financing statement covers consumer goods and:

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

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

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

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

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

(c) In cases not governed by subsection (a), within twenty days aftera secured party receives an authenticated demand from a debtor, the securedparty shall cause the secured party of record for a financing statement tosend to the debtor a termination statement for the financing statement orfile the termination statement in the filing office if:

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

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

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

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

(d) Except as otherwise provided in section 400.9-510, upon thefiling of a termination statement with the filing office, the financingstatement to which the termination statement relates ceases to beeffective. Except as otherwise provided in section 400.9-510, for purposesof sections 400.9-519(g), 400.9-522(a), and 400.9-523(c), the filing withthe filing office of a termination statement relating to a financingstatement that indicates that the debtor is a transmitting utility alsocauses the effectiveness of the financing statement to lapse.

(L. 2001 S.B. 288, A.L. 2002 S.B. 895)