A Texas Termination Statement is a legal document used to officially record the termination or release of a previously filed financing statement. This statement is crucial in the process of clearing a recorded lien or security interest on a property or asset. In Texas, there are primarily two types of termination statements: 1. Partial Termination Statement: This type of termination statement is used when a portion of the collateral listed on a previously filed financing statement is being released or terminated. It is required to provide sufficient detail regarding the collateral being released, such as a specific description or the identification number of the collateral mentioned in the original financing statement. This partial termination statement is filed with the same authority, like the county clerk or Secretary of State, where the original financing statement was recorded. 2. Full Termination Statement: A full termination statement is submitted when the entire financing statement and all associated collateral are being terminated. It includes specific details identifying the original financing statement, such as the file number, date, and parties involved. Just like the partial termination statement, this document is to be filed with the same authority responsible for recording the original financing statement. Keywords: Texas Termination Statement, legal document, financing statement, recorded lien, security interest, collateral, partial termination statement, full termination statement, released, terminated, property, asset, recorded lien, county clerk, Secretary of State.
Texas Termination Statement
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