List the facts for a financing-statement termination or information statement
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- The tool lists whether any secured obligation or commitment remains, which opened path the facts appear to match, and the last day of the one-month or 20-day period once the lawyer identifies the triggering date. It does not send a demand or prepare a filing.
- What the lawyer must review
- UCC Sections 9-513, 9-512, and 9-518. Where the financing statement covers consumer goods, Section 9-513(a) requires the secured party to cause the secured party of record to file a termination statement if there is no secured obligation and no commitment to advance or give value, or if the debtor did not authorize the initial filing. Subsection (b) requires that filing within one month after there is no obligation and no commitment, or, if earlier, within 20 days after the secured party receives an authenticated demand. In other cases, subsection (c) requires the secured party, within 20 days after an authenticated demand, to cause the secured party of record to send the debtor a termination statement or to file it, if the subsection (c) conditions are met. Paragraph (c)(1) requires, except for sold accounts or chattel paper or goods that are the subject of a consignment, that no obligation be secured and that there be no commitment to advance or give value. Section 9-512, subject to Section 9-509, permits an amendment that adds or deletes collateral, continues or terminates the financing statement, or otherwise amends it, and that identifies the initial financing statement by file number. The official text offers alternatives on whether further filing details are required. An amendment does not extend effectiveness except as Section 9-515 provides. Section 9-518(a) lets a person file an information statement about a record indexed under that person's name if the person believes the record is inaccurate or was wrongfully filed. Filing an information statement does not affect the effectiveness of the financing statement or another filed record. The lawyer writes any demand.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes identifying points for review. Confirm 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.
- Verify the applicable jurisdiction and the version of each relevant law, rule or instrument in force at the material time.
- 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.