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 Step 3 - Terminate

Preparing a Termination for Filing with the Secretary of State

 

Required Filings Relating to Consumer Goods

  A secured party which has previously filed a financing statement covering consumer goods is required to file a termination statement within thirty days after there is no longer any obligation secured by the collateral listed.     In most cases, when the loan is repaid for which the collateral served as security, the termination must be filed.  §46-9-513
         
  A secured party which has previously filed a financing statement covering consumer goods is required to file a termination statement within twenty days after the debtor makes an authenticated demand if there is no longer any obligation secured by the collateral listed.     For example, if the debtor demands the termination in writing on the day he pays off the loan, the secured party would have to file within twenty days.  §46-9-513
         
  A secured party which has filed a financing statement covering consumer goods must file a termination statement if the debtor did not authorize the initial filing.       §46-9-513


See WV Code