60.11.140 - Termination statement. - Washington Statutes

Termination statement.

Whenever the total amount of the lien has been fully paid and as otherwise provided in RCW 62A.9A-513 (c) and (d), within twenty days following receipt of an authenticated demand following such full payment of the lien, the lien holder filing a lien shall send to the lien debtor or file with the department of licensing a termination statement for the financing statement. Failure to file a termination statement by the lien holder or the assignee of the lien holder shall cause the lien holder or its assignee to be liable to the debtor for the attorneys' fees and costs incurred by the debtor to have the lien terminated together with damages incurred by the debtor due to the failure of the lien holder to terminate the lien.

[2000 c 250 § 9A-834; 1991 c 286 § 6; 1986 c 242 § 14.]

Notes: Effective date -- 2000 c 250: See RCW 62A.9A-701.