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First, the debtor must send an authenticated demand to the secured party. The demand should be sent to the name/address of the secured party as indicated on the financing statement. The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file.
When you are ready to dissolve your West Virginia corporation, you file original Articles of Dissolution with the West Virginia Secretary of State, Business Division (SOS). West Virginia SOS does not require the use of their forms. They do not require original signatures.
3 is used as a way to amend that original lien filing and do things like terminate the UCC, edit any of the details of the lien, or assign your interests to another secured party for the lien.
File a dissolution, termination, withdrawal, or cancellation online quickly and conveniently through the One Stop Business Portal. The Secretary of State's Office also provides forms that meet minimum state law requirements available online through the Secretary of State Form Search.
You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets.
Ask the lender to terminate the lien upon payoff. When you pay off a loan, a good rule of thumb is to immediately submit a request with the lender to file a UCC-3 form with your secretary of state. The UCC-3 will terminate the lien on your company's asset (or assets) and remove the UCC-1 filing.
Pay Off the Loan in Full Though many may not have the funds available to pay off the loan, doing so is the easiest way to remove a UCC lien. Once you have paid off the loan, you can request that the lender release the lien.