A Kansas Termination Statement is a legal document that confirms the termination or release of a security interest in personal property, typically used in loan transactions. It is filed with the Secretary of State's office in Kansas to provide public notice of the termination, ensuring the effective removal of any claimed security interest. Keywords: Kansas Termination Statement, termination of security interest, personal property, loan transactions, Secretary of State's office, public notice, removal of security interest. There are two main types of Kansas Termination Statements: 1. Uniform Commercial Code (UCC) Termination Statement: This type of termination statement is used to terminate a security interest that was created under the Uniform Commercial Code. It is typically used in situations where a loan has been paid off or the debtor has fulfilled their obligations, and the creditor wants to release their interest in the collateral. 2. Financing Statement Amendment (Partial Termination): In certain cases, a creditor may want to release their security interest from only a portion of the collateral covered by the original financing statement. In such instances, a Financing Statement Amendment is filed to partially terminate the security interest in specific assets while still maintaining it on others. Both types of Kansas Termination Statements serve as official records that protect the debtor's interests by providing evidence that a security interest has been terminated. They also allow potential lenders or interested parties to check the public record and determine if any existing claims or liens on specific personal property have been released. Filing a Kansas Termination Statement requires accurately completing the necessary forms, which typically include details of the debtor and secured party, a description of the collateral involved, and the original financing statement's filing information. It is crucial to provide precise and up-to-date information to avoid any confusion or disputes regarding the release of security interests. In summary, a Kansas Termination Statement is a vital legal document used to terminate or release a security interest in personal property within the state. It ensures public notice of the termination and allows interested parties to determine the status of any claimed security interests. Whether it is a full termination or a partial release, filing a termination statement allows for the removal of a security interest and serves as proof of the released claim.
Kansas Termination Statement
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How to fill out Kansas Termination Statement?
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UCC COST LIST DescriptionStaffOnlineUCC-1 Regular Filing$20.00$10.00UCC-1 Trans Utility$50.00$50.00UCC-3 Additional Pages$1.00$1.00UCC-3 Assignment$20.00$10.0023 more rows
?UCC? stands for Uniform Commercial Code. The Uniform Commercial Code is a uniform law that governs commercial transactions, including sales of goods, secured transactions and negotiable instruments. The Uniform Commercial Code is a comprehensive set of statutes created to provide consistency among the states.
Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.
A UCC filing is the official notice lenders use to indicate that they have a security interest in a borrower's assets or property. The UCC filing establishes a lien against the collateral the borrower uses to secure the loan ? giving the lender the right to claim that collateral as repayment in the case of default.
A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
