Kansas Termination Statement

State:
Multi-State
Control #:
US-CP0614AM
Format:
Word; 
Rich Text
Instant download

Description

This sample form, a detailed Termination Statement document, is for use in the computer, internet and/or software industries. Adapt to fit your circumstances. Available in Word format.

How to fill out Termination Statement?

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FAQ

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.

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Kansas Termination Statement