28-9-513. TERMINATION STATEMENT. (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) of this section, a secured party shall cause the secured party of record to file the termination statement:
(1) Within one (1) month 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
(2) If earlier, within twenty (20) days after the secured party receives an authenticated demand from a debtor.
(c) In cases not governed by subsection (a) of this section, within twenty (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:
(1) 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;
(2) 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;
(3) The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor’s possession; or
(4) The debtor did not authorize the filing of the initial financing statement.
(d) Except as otherwise provided in section 28-9-510, 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 28-9-510, for purposes of sections 28-9-519(g), 28-9-522(a) and 28-9-523(c), 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.
History:
[28-9-513, added 2001, ch. 208, sec. 2, p. 767.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 9 - SECURED TRANSACTIONS
Section 28-9-501 - FILING OFFICE.
Section 28-9-503 - NAME OF DEBTOR AND SECURED PARTY.
Section 28-9-504 - INDICATION OF COLLATERAL.
Section 28-9-506 - EFFECT OF ERRORS OR OMISSIONS.
Section 28-9-507 - EFFECT OF CERTAIN EVENTS ON EFFECTIVENESS OF FINANCING STATEMENT.
Section 28-9-509 - PERSONS ENTITLED TO FILE A RECORD.
Section 28-9-510 - EFFECTIVENESS OF FILED RECORD.
Section 28-9-511 - SECURED PARTY OF RECORD.
Section 28-9-512 - AMENDMENT OF FINANCING STATEMENT.
Section 28-9-513 - TERMINATION STATEMENT.
Section 28-9-514 - ASSIGNMENT OF POWERS OF SECURED PARTY OF RECORD.
Section 28-9-516 - WHAT CONSTITUTES FILING — EFFECTIVENESS OF FILING.
Section 28-9-516A - FILING OFFICER DUTIES.
Section 28-9-517 - EFFECT OF INDEXING ERRORS.
Section 28-9-518 - CLAIM CONCERNING INACCURATE OR WRONGFULLY FILED RECORD.
Section 28-9-520 - ACCEPTANCE AND REFUSAL TO ACCEPT RECORD.
Section 28-9-521 - UNIFORM FORM OF WRITTEN FINANCING STATEMENT AND AMENDMENT.
Section 28-9-522 - MAINTENANCE AND DESTRUCTION OF RECORDS.