Oregon Termination Statement

• Category: Technology - Trade Secrets Protection
• State: Multi-State
• Control #: US-CP0614AM
• Format: Word; Rich Text

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. Oregon Termination Statement is a legal document used to terminate a financing statement filed under the Oregon Uniform Commercial Code (UCC). The UCC governs the transfer of personal property rights and provides a framework for secured transactions, such as loans secured by collateral. When a debtor has fully repaid a loan, released the collateral, or when the security interest is no longer valid, the creditor must file a Termination Statement to inform the public that the financing statement is no longer effective. This document acts as a notice of the termination, ensuring that the debtor's collateral is no longer encumbered by the security interest. The Oregon Termination Statement must include specific information to be considered valid, such as the names and addresses of both the debtor and secured party, the file number assigned to the original financing statement, and a statement indicating the termination of the security interest. It should also be duly signed and notarized by the secured party. Different types of termination statements under the Oregon UCC can include: 1. Partial Termination Statement: This type of statement is used when only a portion of the collateral covered by the original financing statement is being released or terminated. For example, if a debtor repays a portion of the loan and seeks to remove a specific asset from the security interest, a partial termination statement would be filed. 2. Full Termination Statement: This statement is filed when the entire financing statement is terminated. It signifies that all collateral covered by the original financing statement is released, and the security interest is no longer valid. This typically occurs when the debtor has fully satisfied their loan obligation. 3. Amendment Termination Statement: Sometimes, a creditor may need to modify or amend a previously filed financing statement, and file a corresponding termination statement. This document extinguishes the original filing and replaces it with an amended version to accurately reflect the current state of the security interest. Filing the Oregon Termination Statement is crucial to protect the debtor's rights and ensure their collateral is free from any encumbrance. Failure to file the termination statement could lead to confusion and potential disputes in the future. It is advised to consult with legal professionals or the Oregon Secretary of State's office for proper guidance and to ensure compliance with the state's UCC laws.

Oregon Termination Statement is a legal document used to terminate a financing statement filed under the Oregon Uniform Commercial Code (UCC). The UCC governs the transfer of personal property rights and provides a framework for secured transactions, such as loans secured by collateral. When a debtor has fully repaid a loan, released the collateral, or when the security interest is no longer valid, the creditor must file a Termination Statement to inform the public that the financing statement is no longer effective. This document acts as a notice of the termination, ensuring that the debtor's collateral is no longer encumbered by the security interest. The Oregon Termination Statement must include specific information to be considered valid, such as the names and addresses of both the debtor and secured party, the file number assigned to the original financing statement, and a statement indicating the termination of the security interest. It should also be duly signed and notarized by the secured party. Different types of termination statements under the Oregon UCC can include: 1. Partial Termination Statement: This type of statement is used when only a portion of the collateral covered by the original financing statement is being released or terminated. For example, if a debtor repays a portion of the loan and seeks to remove a specific asset from the security interest, a partial termination statement would be filed. 2. Full Termination Statement: This statement is filed when the entire financing statement is terminated. It signifies that all collateral covered by the original financing statement is released, and the security interest is no longer valid. This typically occurs when the debtor has fully satisfied their loan obligation. 3. Amendment Termination Statement: Sometimes, a creditor may need to modify or amend a previously filed financing statement, and file a corresponding termination statement. This document extinguishes the original filing and replaces it with an amended version to accurately reflect the current state of the security interest. Filing the Oregon Termination Statement is crucial to protect the debtor's rights and ensure their collateral is free from any encumbrance. Failure to file the termination statement could lead to confusion and potential disputes in the future. It is advised to consult with legal professionals or the Oregon Secretary of State's office for proper guidance and to ensure compliance with the state's UCC laws.