1999 Minnesota Statutes

     336.9-404 Termination statement. 

    (1) If a financing statement covering consumer goods is 
 filed on or after January 1, 1977, then within one month or 
 within ten days following written demand by the debtor after 
 there is no outstanding secured obligation and no commitment to 
 make advances, incur obligations or otherwise give value, the 
 secured party must file with each filing officer with whom the 
 financing statement was filed, a termination statement to the 
 effect that the secured party no longer claims a security 
 interest under the financing statement.  The termination 
 statement must set forth 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; identify the 
 original financing statement by file number and filing date; and 
 be signed by the secured party.  In other cases whenever there 
 is no outstanding secured obligation and no commitment to make 
 advances, incur obligations, or otherwise give value, the 
 secured party must on written demand by the debtor send the 
 debtor, for each filing officer with whom the financing 
 statement was filed, a termination statement to the effect that 
 the secured party no longer claims a security interest under the 
 financing statement, which shall be identified by file number.  
 A termination statement 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.  If the affected secured 
 party fails to file such a termination statement as required by 
 this subsection, or to send such a termination statement within 
 ten days after proper demand therefor the secured party shall be 
 liable to the debtor for $100, and in addition for any loss 
 caused to the debtor by such failure. 

    (2) On being presented with such a termination statement 
 the filing officer must note it in the index.  If a duplicate 
 termination statement is provided, the filing officer shall 
 return one copy of the termination statement to the secured 
 party stamped to show the time of receipt thereof.  If the 
 filing officer has a record of the financing statement in a 
 format that meets archival standards, and of any related 
 continuation statement, statement of assignment and statement of 
 release, the filing officer may remove the originals from the 
 files at any time after receipt of the termination statement, or 
 having no such record, the filing officer may remove them from 
 the files at any time after one year after receipt of the 
 termination statement. 

    (3) There shall be no fee collected for the filing of a 
 termination if the termination statement is in the standard form 
 prescribed by the secretary of state.  The fee for filing a 
 termination statement on a form that is not the standard form 
 prescribed by the secretary of state is $5.  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 336.9-404; 1976 c 135 s 27; 1977 c 347 s 
 50; 1981 c 356 s 348; 1984 c 618 s 49; 1986 c 444; 1993 c 369 s 
 119; 1997 c 137 s 16