A termination statement in Arizona is a legal document that officially terminates or releases a lien, security interest, or financing statement that has been previously filed with the Arizona Secretary of State. This document serves as proof that a particular lien or security interest has been extinguished, and the party who filed the lien no longer has a claim on the associated property or collateral. Two common types of termination statements in Arizona are: 1. UCC-3 Termination Statement: Under the Uniform Commercial Code (UCC), a UCC-3 Termination Statement is used to terminate a financing statement that was previously filed with the Arizona Secretary of State's office. This form must be completed and submitted to officially release the security interest or lien on the specified collateral. The UCC-3 Termination Statement requires specific details such as the debtor's name, the secured party's name, and the original filing information. 2. Lien Termination Statement: This type of termination statement is often used to release a mechanic's lien or construction lien that was previously placed on a property. A lien termination statement needs to be filed with the county recorder's office in the specific county where the lien was originally recorded. It typically includes information such as the property owner's name, the lien holder's name, and the original recording details. It is important to note that the specific requirements and processes for termination statements can vary depending on the type of lien or security interest being released. Additionally, it is crucial to follow the correct procedures and deadlines when filing a termination statement to ensure the legal termination and release of any previous liens or security interests in Arizona.
Arizona Termination Statement
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How to fill out Arizona Termination Statement?
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