1999 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.9-406 Release of collateral; duties of filing officer; fees.

336.9-406 Release of collateral; duties of filing officer; fees.

A secured party of record may by signed statement release all or a part of any collateral described in a filed financing statement. The statement of release is sufficient if it contains a description of the collateral being released, the name and address of the debtor and secured party as those items appear on the original financing statement or the most recently filed amendment, and identifies the original financing statement by file number and filing date. A statement of release signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record and complying with subsection (2) of section 336.9-405, including payment of the required fee. Upon being presented with such a statement of release the filing officer shall mark the statement with the hour and date of filing. The uniform fee for filing and noting such a statement of release shall be $15 if the statement is in the standard form prescribed by the secretary of state. If the statement is not on the standard form prescribed by the secretary of state, the fee is $20. If the original financing statement was subject to subsection (5) of section 336.9-402, the fee prescribed by section 357.18, subdivision 1, clause (1), is also required.

HIST: 1965 c 811 s 336.9-406; 1976 c 135 s 29; 1981 c 356 s 350; 1984 c 618 s 51; 1986 c 444; 1989 c 335 art 1 s 217; 1993 c 369 s 121