Texas Business & Commerce Code
§ 9.513 — TERMINATION STATEMENT
BC § 9.513Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. E. FILING
Statute text
View on source(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:
(1)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
(2)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:
(1)within one month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make advances, incur an obligation, or otherwise give value; or
(2)if earlier, within 20 days after the secured party receives an authenticated demand from a debtor.
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Legislative history
Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001. Amended by Acts 2001, 77th Leg., ch. 705, Sec. 17, eff. June 13, 2001.