2010 Pennsylvania Code
Title 13 - COMMERCIAL CODE
Chapter 95 - Filing
9513 - Termination statement.

     § 9513.  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 which has been sold or goods which
        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 which has been sold but as to which the account debtor
        or other person obligated has discharged its obligation;
            (3)  the financing statement covers goods which 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 9510 (relating to effectiveness of
     filed record), 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 9510, for purposes of sections
     9519(g) (relating to removal of debtor's name), 9522(a)
     (relating to post-lapse maintenance and retrieval of
     information) and 9523(c) (relating to communication of requested
     information), the filing with the filing office of a termination
     statement relating to a financing statement which indicates that
     the debtor is a transmitting utility also causes the
     effectiveness of the financing statement to lapse.

        Cross References.  Section 9513 is referred to in sections
     9315, 9509, 9518, 9625 of this title.