Maine Legislature Maine Revised Statutes
  • Session Law
  • Statutes
  • Maine State Constitution
  • Information
  • §9-1513 PDF
  • §9-1513 MS-Word
  • Statute Search
  • Art. 9-A Contents
  • Title 11 Contents
  • List of Titles
  • Maine Law & Disclaimer
  • Revisor's Office
  • Maine Legislature
§9-1512
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS
Part 5: FILING
Subpart 1: FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT
§9-1514

§9-1513. Termination statement

(1).  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:  
(a). 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   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The debtor did not authorize the filing of the initial financing statement.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).  To comply with subsection (1), a secured party shall cause the secured party of record to file the termination statement:  
(a). Within 60 days 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   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). If earlier, within 20 days after the secured party receives an authenticated demand from a debtor.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).  In cases not governed by subsection (1), within 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:  
(a). 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;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). 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;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(d). The debtor did not authorize the filing of the initial financing statement.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).  Except as otherwise provided in section 9-1510, 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 section 9-1510, for purposes of section 9-1519, subsection (7), section 9-1522, subsection (1) and section 9-1523, subsection (3), 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.  
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public.
If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes · 7 State House Station · State House Room 108 · Augusta, Maine 04333-0007
Data for this page extracted on 9/28/2022 08:27:44.
Maine Government
Legislature • Executive • Judicial • Agency Rules
Visit the State House
Tour Guide • Accessibility • Security Screening • Directions & Parking
Email
Office of the Revisor of Statutes