A Maryland Release of Security Interest — Termination Statement refers to a legal document that is filed to officially release or terminate a security interest that was previously filed against a borrower's property or asset. This document signifies that the borrower has fully repaid their debt or fulfilled their obligations, hence removing any liens or encumbrances on the property. In Maryland, there are two common types of Release of Security Interest — Termination Statements: 1. Standard Release of Security Interest — Termination Statement: This type of termination statement is typically used when a borrower has fully repaid their debt, such as a mortgage or a car loan. The lender or lien holder acknowledges that the debt has been satisfied and releases their interest in the property or asset. This document is then filed with the appropriate government agency, usually the Maryland State Department of Assessments and Taxation (SEAT), to update the public record and remove any encumbrances on the property. 2. Release of Security Interest — Termination Statement due to Dispute: This type of termination statement is filed when there is a dispute or error regarding the security interest. For instance, if a lender mistakenly filed a security interest against a property that the borrower does not own, the borrower can file a Release of Security Interest — Termination Statement to rectify the mistake and remove the incorrect lien. This document helps protect the borrower's property rights and clarifies any confusion or disputes. Keywords: Maryland, Release of Security Interest — Termination Statement, legal document, borrower, property, asset, security interest, liens, encumbrances, debts, repayment, mortgage, car loan, lender, lien holder, Maryland State Department of Assessments and Taxation, SEAT, public record, dispute, error, rectify, mistakes, property rights, clarity.
Maryland Release of Security Interest - Termination Statement
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How to fill out Maryland Release Of Security Interest - Termination Statement?
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