A Tennessee Termination Statement is a legal document that signifies the end of an existing agreement or contract in the state of Tennessee. It is typically filed with the Secretary of State to officially terminate a Uniform Commercial Code (UCC) filing made by a secured party. In Tennessee, there are primarily two types of Termination Statements: 1. UCC Termination Statement: This type of Termination Statement is commonly used when a debtor has fully paid off a debt or met all obligations stated in a secured agreement. By filing a UCC Termination Statement, the secured party formally notifies the public that they no longer assert a security interest in the specific collateral listed in the original UCC filing. This statement releases the secured party's claim over the collateral. 2. Lien Termination Statement: In Tennessee, a lien is a legal claim placed on a property by a creditor as security for a debt or other obligations. A Lien Termination Statement is used to cancel or release a previously filed lien on a property. This form indicates that the debtor has either paid off the lien or successfully settled the lien with the creditor. Filing a Lien Termination Statement ensures that the public record reflects the status of the lien as terminated, providing clarity and transparency to potential buyers or lenders. Keywords: Tennessee Termination Statement, legal document, agreement, contract, filed, Secretary of State, Uniform Commercial Code, UCC, secured party, debtor, obligations, UCC Termination Statement, collateral, lien, creditor, Lien Termination Statement, property, public record, transparent.
Tennessee Termination Statement
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How to fill out Tennessee Termination Statement?
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