US Uniform Commercial Code Article 9 Secured Transactions
Part 5: the filing system, the financing statement, lapse, continuation, termination and filing office duties – US Uniform Commercial Code Article 9 Secured Transactions

US Uniform Commercial Code Article 9 Secured Transactions 9-510-9-514-amendment-termination-assignment: File amendments and continuations only when authorised, file termination statements when required (within twenty days of demand, or unprompted for consumer goods), and record assignments of the secured party of record

What does 9-510-9-514-amendment-termination-assignment require?

A filed record works only so far as the person who filed it was entitled to, and an amendment adding collateral or a debtor is effective only for the added matter (sections 9-509 and 9-510). The secured party of record may file amendments; an amendment that adds collateral or a debtor must be authorised by the debtor, and one that deletes collateral or a debtor or terminates must be authorised by the secured party (sections 9-511 and 9-512). A secured party must file a termination statement for consumer goods within one month after no obligation remains and no commitment to give value exists, or within twenty days of a debtor's authenticated demand; for other collateral it must send or file a termination statement within twenty days after an authenticated demand where no obligation and no commitment remain, the statement covers sold accounts or chattel paper whose account debtor has been discharged, covers consigned goods the debtor no longer holds, or was never authorised by the debtor (section 9-513). An assignment of the secured party of record may be reflected by an assignment in the initial statement or by an amendment, and the assignee becomes the secured party of record (section 9-514).

Maintained by Gerard Blokdyk

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