A Mississippi Termination Statement is a legal document used to officially declare the termination or satisfaction of a previously filed financing statement. This statement is primarily utilized in commercial transactions in Mississippi. It provides evidence that a secured party no longer claims a security interest in certain collateral. Keywords: Mississippi Termination Statement, termination, satisfaction, financing statement, secured party, collateral, legal document, commercial transactions. There are different types of Mississippi Termination Statements, depending on the circumstances: 1. Voluntary Termination Statement: This type of statement is filed by the secured party to voluntarily terminate their claim on the collateral. It is typically used when the debtor has fully paid off the debt or when the security interest is no longer needed. 2. Cancellation of Financing Statement: This type of Mississippi Termination Statement is filed when the debtor requests the filing office to cancel the financing statement due to various reasons, such as the collateral being sold or the security agreement being voided. 3. Partial Termination Statement: A partial termination statement is used to terminate a security interest on only a portion of the collateral. This can occur when the debtor sells part of the collateral or when the security interest is released from a specific portion. 4. Termination Statement Upon Disposition: This termination statement is filed when the secured party has disposed of the collateral in accordance with the security agreement. It serves as evidence that the security interest has been terminated after the disposal. 5. Release of Specific Collateral Statement: In situations where the debtor has provided multiple collaterals for a secured interest, but wants to terminate the claim on only one specific collateral, a release of specific collateral statement is filed. These different types of Mississippi Termination Statements provide flexibility to the involved parties to terminate or release their security interests in a manner that aligns with the specific circumstances of the transaction. It is essential to ensure the accurate and proper filing of these termination statements to maintain clear and valid records of collateral obligations.
A Mississippi Termination Statement is a legal document used to officially declare the termination or satisfaction of a previously filed financing statement. This statement is primarily utilized in commercial transactions in Mississippi. It provides evidence that a secured party no longer claims a security interest in certain collateral. Keywords: Mississippi Termination Statement, termination, satisfaction, financing statement, secured party, collateral, legal document, commercial transactions. There are different types of Mississippi Termination Statements, depending on the circumstances: 1. Voluntary Termination Statement: This type of statement is filed by the secured party to voluntarily terminate their claim on the collateral. It is typically used when the debtor has fully paid off the debt or when the security interest is no longer needed. 2. Cancellation of Financing Statement: This type of Mississippi Termination Statement is filed when the debtor requests the filing office to cancel the financing statement due to various reasons, such as the collateral being sold or the security agreement being voided. 3. Partial Termination Statement: A partial termination statement is used to terminate a security interest on only a portion of the collateral. This can occur when the debtor sells part of the collateral or when the security interest is released from a specific portion. 4. Termination Statement Upon Disposition: This termination statement is filed when the secured party has disposed of the collateral in accordance with the security agreement. It serves as evidence that the security interest has been terminated after the disposal. 5. Release of Specific Collateral Statement: In situations where the debtor has provided multiple collaterals for a secured interest, but wants to terminate the claim on only one specific collateral, a release of specific collateral statement is filed. These different types of Mississippi Termination Statements provide flexibility to the involved parties to terminate or release their security interests in a manner that aligns with the specific circumstances of the transaction. It is essential to ensure the accurate and proper filing of these termination statements to maintain clear and valid records of collateral obligations.
