Build the UCC termination checklist once a facility is repaid
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Match each financing statement on the search to the payoff letter and list the file number, debtor and secured party of record. Do not file a termination statement.
- What the lawyer must review
- U.C.C. § 9-513 splits the duty. For collateral that is consumer goods, the secured party of record must file a termination statement within one month after there is no secured obligation and no commitment to advance, or within 20 days after an authenticated demand if that is earlier. For other collateral, within 20 days after an authenticated demand the secured party must send the debtor a termination statement or file it. Read the state’s enactment and the search before you authorise a filing.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Consider narrowly defined preparation support after confirming the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Check the current court or regulator requirements, prescribed form and attachments for the intended document and filing.
- Preserve original files and relevant metadata. Document provenance and handling, and seek forensic review where authenticity needs to be resolved.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.