Section 9–513. (a) Consumer goods. 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) Time for compliance with subsection (a). To comply with subsection (a), a secured party shall cause the secured party of record to file the termination statement:
(1) within 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 20 days after the secured party receives an authenticated demand from a debtor.
(c) Other collateral. In cases not governed by subsection (a), 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:
(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) Effect of filing termination statement. Except as otherwise provided in Section 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 9–510, for purposes of Sections 9–519(g), 9–522(a), and 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.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title XV - Regulation of Trade
Chapter 106 - Uniform Commercial Code
Article 9 - Secured Transactions
Section 9-403 - Agreement Not to Assert Defenses Against Assignee
Section 9-402 - Secured Party Not Obligated on Contract of Debtor or in Tort
Section 9-401 - Alienability of Debtor's Rights
Section 9-342 - Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement
Section 9-341 - Bank's Rights and Duties With Respect to Deposit Account
Section 9-340 - Effectiveness of Right of Recoupment or Set-Off Against Deposit Account
Section 9-337 - Priority of Security Interests in Goods Covered by Certificate of Title
Section 9-332 - Transfer of Money; Transfer of Funds From Deposit Account
Section 9-334 - Priority of Security Interests in Fixtures and Crops
Section 9-333 - Priority of Certain Liens Arising by Operation of Law
Section 9-404 - Rights Acquired by Assignee; Claims and Defenses Against Assignee
Section 9-330 - Priority of Purchaser of Chattel Paper or Instrument
Section 9-329 - Priority of Security Interests in Letter-of-Credit Right
Section 9-328 - Priority of Security Interests in Investment Property
Section 9-336 - Commingled Goods
Section 9-405 - Modification of Assigned Contract
Section 9-516 - What Constitutes Filing; Effectiveness of Filing
Section 9-514 - Assignment of Powers of Secured Party of Record
Section 9-513 - Termination Statement
Section 9-512 - Amendment of Financing Statement
Section 9-511 - Secured Party of Record
Section 9-510 - Effectiveness of Filed Record
Section 9-509 - Persons Entitled to File a Record
Section 9-507 - Effect of Certain Events on Effectiveness of Financing Statement
Section 9-506 - Effect of Errors or Omissions
Section 9-504 - Indication of Collateral
Section 9-503 - Name of Debtor and Secured Party
Section 9-327 - Priority of Security Interests in Deposit Account
Section 9-409 - Restrictions on Assignment of Letter–of–credit Rights Ineffective
Section 9-326 - Priority of Security Interests Created by New Debtor
Section 9-320 - Buyer of Goods
Section 9-324 - Priority of Purchase-Money Security Interests
Section 9-209 - Duties of Secured Party if Account Debtor Has Been Notified of Assignment
Section 9-208 - Additional Duties of Secured Party Having Control of Collateral
Section 9-207 - Rights and Duties of Secured Party Having Possession or Control of Collateral
Section 9-206 - Security Interest Arising in Purchase or Delivery of Financial Asset
Section 9-205 - Use or Disposition of Collateral Permissible
Section 9-204 - After–acquired Property; Future Advances
Section 9-202 - Title to Collateral Immaterial
Section 9-201 - General Effectiveness of Security Agreement
Section 9-110 - Security Interests Arising Under Article 2 or 2a
Section 9-108 - Sufficiency of Description
Section 9-107 - Control of Letter-of-Credit Right
Section 9-106 - Control of Investment Property
Section 9-105 - Control of Electronic Chattel Paper
Section 9-104 - Control of Deposit Account
Section 9-103 - Purchase-Money Security Interest; Application of Payments; Burden of Establishing
Section 9-102 - Definitions and Index of Definitions
Section 9-210 - Request for Accounting; Request Regarding List of Collateral or Statement of Account
Section 9-325 - Priority of Security Interests in Transferred Collateral
Section 9-301 - Law Governing Perfection and Priority of Security Interests
Section 9-323 - Future Advances
Section 9-321 - License of General Intangible and Lessee of Goods in Ordinary Course of Business
Section 9-319 - Rights and Title of Consignee With Respect to Creditors and Purchasers
Section 9-316 - Continued Perfection of Security Interest Following Change in Governing Law
Section 9-315 - Secured Party's Rights on Disposition of Collateral and in Proceeds
Section 9-314 - Perfection by Control
Section 9-517 - Effect of Indexing Errors
Section 9-309 - Security Interest Perfected Upon Attachment
Section 9-308 - When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection
Section 9-307 - Location of Debtor
Section 9-305 - Law Governing Perfection and Priority of Security Interests in Investment Property
Section 9-304 - Law Governing Perfection and Priority of Security Interests in Deposit Accounts
Section 9-302 - Law Governing Perfection and Priority of Agricultural Liens
Section 9-520 - Acceptance and Refusal to Accept Record
Section 9-623 - Right to Redeem Collateral
Section 9-625 - Remedies for Secured Party's Failure to Comply With Article
Section 9-626 - Action in Which Deficiency or Surplus Is in Issue
Section 9-627 - Determination of Whether Conduct Was Commercially Reasonable
Section 9-701 - Effective Date
Section 9-702 - Savings Clause
Section 9-703 - Security Interest Perfected Before Effective Date
Section 9-704 - Security Interest Unperfected Before Effective Date
Section 9-705 - Effectiveness of Action Taken Before Effective Date
Section 9-707 - Amendment of Pre-Effective-Date Financing Statement
Section 9-708 - Persons Entitled to File Initial Financing Statement or Continuation Statement
Section 9-801 - Effective Date
Section 9-802 - Savings Clause
Section 9-803 - Security Interest Perfected Before Effective Date
Section 9-804 - Security Interest Unperfected Before Effective Date
Section 9-805 - Effectiveness of Action Taken Before Effective Date
Section 9-807 - Amendment of Pre–effective Date Financing Statement
Section 9-808 - Person Entitled to File Initial Financing Statement or Continuation Statement
Section 9-518 - Claim Concerning Inaccurate or Wrongfully Filed Record
Section 9-622 - Effect of Acceptance of Collateral
Section 9-621 - Notification of Proposal to Accept Collateral
Section 9-339 - Priority Subject to Subordination
Section 9-619 - Transfer of Record or Legal Title
Section 9-522 - Maintenance and Destruction of Records
Section 9-523 - Information From Filing Office; Sale or License of Records
Section 9-524 - Delay by Filing Office
Section 9-526 - Filing–office Rules
Section 9-602 - Waiver and Variance of Rights and Duties
Section 9-603 - Agreement on Standards Concerning Rights and Duties
Section 9-604 - Procedure if Security Agreement Covers Real Property or Fixtures
Section 9-605 - Unknown Debtor or Secondary Obligor
Section 9-606 - Time of Default for Agricultural Lien
Section 9-521 - Uniform Form of Written Financing Statement and Amendment
Section 9-607 - Collection and Enforcement by Secured Party
Section 9-618 - Rights and Duties of Certain Secondary Obligors
Section 9-617 - Rights of Transferee of Collateral
Section 9-616 - Explanation of Calculation of Surplus or Deficiency
Section 9-613 - Contents and Form of Notification Before Disposition of Collateral: General
Section 9-612 - Timeliness of Notification Before Disposition of Collateral
Section 9-611 - Notification Before Disposition of Collateral
Section 9-610 - Disposition of Collateral After Default
Section 9-609 - Secured Party's Right to Take Possession After Default