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Can you summarize NHRS 382-A:9-513?
UNIFORM COMMERCIAL CODE > Termination Statement.
Short Summary
This legal document pertains to the termination of financing statements under the Uniform Commercial Code (UCC). It outlines the requirements for secured parties to file a termination statement for a financing statement under certain circumstances. If the financing statement covers consumer goods, the secured party must file a termination statement if there is no obligation secured by the collateral covered by the financing statement, or if the debtor did not authorize the initial filing. The document also specifies the timeframes for compliance with the termination requirements. Additionally, it addresses the termination of financing statements for other collateral, such as accounts, chattel paper, and consigned goods, upon receiving a signed demand from the debtor. The filing of a termination statement renders the financing statement ineffective. However, specific penalties for non-compliance are not mentioned in this document.
Whom does it apply to?
Secured parties and debtors involved in financing statements
What does it govern?
Termination of financing statements under the Uniform Commercial Code (UCC)
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire