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Can you summarize NVRS 104.9513?
Uniform Commercial CodeOriginal Articles > Termination statement.
Short Summary
This legal document, governed by the Uniform Commercial CodeOriginal Articles, outlines the requirements for filing a termination statement for a financing statement. It applies to secured parties, debtors, and filing offices involved in commercial transactions. The document specifies that a termination statement must be filed if 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. The termination statement must be filed within specific timeframes, either within 1 month after there is no obligation secured or within 20 days after receiving an authenticated demand from a debtor. The document also covers cases where a termination statement must be sent to the debtor or filed if certain conditions are met, such as the discharge of obligations or the debtor not authorizing the initial financing statement. Upon filing the termination statement, the effectiveness of the financing statement ceases. The document does not mention any specific penalties or exemptions.
Whom does it apply to?
Secured parties, debtors, and filing offices
What does it govern?
Uniform Commercial CodeOriginal Articles
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada