Wisconsin 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. A Wisconsin Termination Statement is a legal document that is filed to officially terminate a financing statement that was previously filed by a creditor to establish their security interest in a debtor's property. This termination statement is an important step in clearing the public record and removing the creditor's claim on the debtor's property. When a borrower has paid off their loan or fulfilled their obligations under a financing agreement, the creditor must file a termination statement to release their security interest in the debtor's property. This document is essential to ensure that the debtor's title to the property is clear and unencumbered, allowing them to transfer or sell the property without any legal disputes arising from the previous financing agreement. In Wisconsin, there are two main types of Termination Statements that can be filed: 1. Uniform Commercial Code (UCC) Termination Statement: This is the most commonly used termination statement in Wisconsin. It is filed under the Uniform Commercial Code, which governs secured transactions. The UCC Termination Statement provides information about the original financing statement, such as the debtor's name, the secured party's name, and the date of the original filing. It also includes a statement acknowledging that the debt has been satisfied and that the security interest has been terminated. 2. Real Estate Termination Statement: This type of termination statement is specific to terminations related to real estate transactions. It is used when a creditor filed a financing statement related to real property, such as a mortgage or lien. The Real Estate Termination Statement provides details about the original filing, including the recording information, and states that the debt has been paid, or the obligation has been fulfilled, resulting in the termination of the security interest. When filing a termination statement in Wisconsin, it is vital to include accurate and complete information to ensure the effectiveness of the termination. The statement must be filed with the appropriate government agency responsible for maintaining public records, such as the Wisconsin Secretary of State or the county recorder's office, depending on the nature of the original filing. In summary, a Wisconsin Termination Statement is a legal document used to release a creditor's security interest in a debtor's property. By filing the appropriate termination statement, the creditor informs the public that their claim on the property has been satisfied or terminated, allowing the debtor to freely transfer or sell the property. The two main types of termination statements in Wisconsin are the Uniform Commercial Code Termination Statement and the Real Estate Termination Statement, which are filed depending on the nature of the original security interest.

A Wisconsin Termination Statement is a legal document that is filed to officially terminate a financing statement that was previously filed by a creditor to establish their security interest in a debtor's property. This termination statement is an important step in clearing the public record and removing the creditor's claim on the debtor's property. When a borrower has paid off their loan or fulfilled their obligations under a financing agreement, the creditor must file a termination statement to release their security interest in the debtor's property. This document is essential to ensure that the debtor's title to the property is clear and unencumbered, allowing them to transfer or sell the property without any legal disputes arising from the previous financing agreement. In Wisconsin, there are two main types of Termination Statements that can be filed: 1. Uniform Commercial Code (UCC) Termination Statement: This is the most commonly used termination statement in Wisconsin. It is filed under the Uniform Commercial Code, which governs secured transactions. The UCC Termination Statement provides information about the original financing statement, such as the debtor's name, the secured party's name, and the date of the original filing. It also includes a statement acknowledging that the debt has been satisfied and that the security interest has been terminated. 2. Real Estate Termination Statement: This type of termination statement is specific to terminations related to real estate transactions. It is used when a creditor filed a financing statement related to real property, such as a mortgage or lien. The Real Estate Termination Statement provides details about the original filing, including the recording information, and states that the debt has been paid, or the obligation has been fulfilled, resulting in the termination of the security interest. When filing a termination statement in Wisconsin, it is vital to include accurate and complete information to ensure the effectiveness of the termination. The statement must be filed with the appropriate government agency responsible for maintaining public records, such as the Wisconsin Secretary of State or the county recorder's office, depending on the nature of the original filing. In summary, a Wisconsin Termination Statement is a legal document used to release a creditor's security interest in a debtor's property. By filing the appropriate termination statement, the creditor informs the public that their claim on the property has been satisfied or terminated, allowing the debtor to freely transfer or sell the property. The two main types of termination statements in Wisconsin are the Uniform Commercial Code Termination Statement and the Real Estate Termination Statement, which are filed depending on the nature of the original security interest.