2006 New York Code - Termination Statement

 
  Section 9--513. Termination Statement.
    (a) Consumer  goods.  A secured party shall cause the secured party of
  record for a financing statement to file a termination statement for the
  financing statement if the financing  statement  covers  consumer  goods
  and:
         (1) there  is  no obligation secured by the collateral covered by
             the financing statement and no commitment to make an advance,
             incur an obligation, or otherwise give value; or
         (2) the debtor did  not  authorize  the  filing  of  the  initial
             financing statement.
    (b) Time for compliance with subsection (a). To comply with subsection
  (a), a secured party shall cause the secured party of record to file the
  termination statement:
         (1) within  one month after there is no obligation secured by the
             collateral  covered  by  the  financing  statement   and   no
             commitment  to  make  an  advance,  incur  an  obligation, or
             otherwise give value; or
         (2) if earlier, within 20 days after the secured  party  receives
             an authenticated demand from a debtor.
    (c) Other  collateral. In cases not governed by subsection (a), within
  20 days after a secured party receives an authenticated  demand  from  a
  debtor,  the secured party shall cause the secured party of record for a
  financing statement to send to the debtor a  termination  statement  for
  the  financing statement or file the termination statement in the filing
  office if:
         (1) except in the case of a financing statement covering accounts
             or chattel paper that has been sold or  goods  that  are  the
             subject  of  a consignment, there is no obligation secured by
             the collateral covered by  the  financing  statement  and  no
             commitment  to  make  an  advance,  incur  an  obligation, or
             otherwise give value;
         (2) the financing statement covers accounts or chattel paper that
             has been sold but as to which the  account  debtor  or  other
             person obligated has discharged its obligation;
         (3) the financing statement covers goods that were the subject of
             a  consignment  to  the  debtor  but  are not in the debtor's
             possession; or
         (4) the debtor did  not  authorize  the  filing  of  the  initial
             financing statement.
    (d) Effect  of  filing  termination  statement.  Except  as  otherwise
  provided in Section 9--510, upon the filing of a  termination  statement
  with the filing office, the financing statement to which the termination
  statement  relates  ceases to be effective. Except as otherwise provided
  in Section 9--510, for purposes of  Section  9--519(g),  9--522(a),  and
  9--523(c),  the filing with the filing office of a termination statement
  relating to a financing statement that indicates that the  debtor  is  a
  transmitting  utility  also  causes  the  effectiveness of the financing
  statement to lapse.
    (e) Cooperative Interests.
         (1) "Cooperative Interest Settlement" means the time and place at
             which an  owner  of  a  cooperative  interest  transfers  the
             cooperative  interest,  or  refinances  or  pays off the debt
             secured by the cooperative interest.
         (2) Upon an authenticated demand  with  sufficient  notice  by  a
             debtor,  the  secured  party  shall  deliver to a cooperative
             interest  settlement  a  termination  statement  or   partial
             release  and any component of the cooperative record of which
             it took possession, which shall be  released  to  the  debtor
             upon  payment of the debt secured by the cooperative interest
             and the discharge of any obligation of the secured  party  to
             make  further  advances.  Unless the secured party has agreed
             otherwise  or the cooperative interest settlement takes place
             at the offices of the secured party, the secured party or its
             agent shall be entitled to a reasonable fee for attendance at
             the cooperative interest settlement.
         (3) Upon payment of the debt secured by  a  cooperative  interest
             other  than  at  a  cooperative  interest  settlement and the
             discharge of any obligation of  the  secured  party  to  make
             further  advances,  the  secured  party  shall  arrange for a
             termination statement or partial release to be  filed  within
             one  month  of  receipt  of  the  payment or discharge of the
             obligation to make further advances, whichever is later,  and
             shall  send  to  the  debtor any component of the cooperative
             record of which it took possession.