§ 554.9513

554.9513 Termination statement. 1. 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 thefinancing statement covers consumer goods and: a. 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 b. the debtor did not authorize the filing of the initial financing statement.2. Time for compliance with subsection 1. To comply with subsection 1, a secured party shall cause the secured party of record to file the termination statement: a. 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, orotherwise give value; or b. if earlier, within twenty days after the secured party receives an authenticated demand from a debtor. 3. Other collateral. In cases not governed by subsection 1, within twenty days after a secured party receives an authenticated demand from a debtor, the secured party shall causethe secured party of record for a financing statement to

overned by subsection 1, within twenty days after a secured party receives an authenticated demand from a debtor, the secured party shall causethe secured party of record for a financing statement to send to the debtor a terminationstatement for the financing statement or file the termination statement in the filing office if: a. except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured bythe collateral covered by the financing statement and no commitment to make an advance,incur an obligation, or otherwise give value; b. the financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation; c. the financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor’s possession; or d. the debtor did not authorize the filing of the initial financing statement.4. Effect of filing termination statement. Except as otherwise provided in section 554.9510, upon the filing of a termination statement with the filing office, the

of the initial financing statement.4. Effect of filing termination statement. Except as otherwise provided in section 554.9510, upon the filing of a termination statement with the filing office, the financingstatement to which the termination statement relates ceases to be effective. Except as otherwise provided in section 554.9510, for purposes of section 554.9519, subsection 7,section 554.9522, subsection 1, and section 554.9523, subsection 3, the filing with the filingoffice of a termination statement relating to a financing statement that indicates that thedebtor is a transmitting utility also causes the effectiveness of the financing statement tolapse. 2000 Acts, ch 1149, §84, 187Referred to in §554.9315, 554.9509, 554.9625Remedies for secured party’s failure to comply with Article; §554.9625 Sat Dec 23 11:02:13 2023 Iowa Code 2024, Section 554.9513 (25, 0)