United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 11, § 9-1513: Termination statement, 1999

A secured party must make sure a termination statement is filed for certain financing statements covering consumer goods, and other covered statements must be terminated or sent to the debtor within stated deadlines…

Source excerpt

consumer goodsdebtor demandsfinancing statementstermination statements

Jurisdiction: United States — Maine
Structure: 1 provisions
Official identity: Year 1999
Dates: Enacted 1999 · Source version 1 Oct 2025

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Dates: Enacted 1999 · Source version 1 Oct 2025

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“A secured party must make sure a termination statement is filed for certain financing statements covering consumer goods, and other covered statements must be terminated or sent to the debtor within stated deadlines after satisfaction or a debtor demand.”

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Enacted 1999 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.
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Termination statement

Section 9-1513

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Source record from legislature.maine.gov · Enacted 1999 · Source version 1 Oct 2025

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Part 5

part 5 FILING

§ 9-1513Termination statementProvision

Source excerpt

(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 a signed demand from a debtor. [PL 2023, c. 669, Pt. A, §141 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §141 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (3). In cases not governed by subsection (1), within 20 days after a secured party receives a signed 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 2023, c. 669, Pt. A, §142 (AMD); PL 2023, c. 669, Pt. E, §1 (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).]

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