1. If a financing statement covering consumer goods is filed on or after January 1, 1975, 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, which shall be identified by file number. If a financing statement covering farm products is filed, then within sixty days, 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 shall 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, which shall be identified by file number. In other cases if 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 complying with section 554.9405, subsection 2, including payment of the required fee. If the affected secured party fails to file a termination statement as required by this subsection, or to send such a termination statement within ten days after proper demand for it, the affected secured party is liable to the debtor for one hundred dollars, and in addition for any loss caused to the debtor by the failure.
2. On presentation to the filing officer of such a termination statement the filing officer must note it in the index. If the filing officer has received the termination statement in duplicate, the filing officer shall return one copy of the termination statement to the secured party stamped to show the time of receipt thereof.
3. There shall be no fee for filing a termination statement.
[C58, 62, § 539.10; C66, 71, 73, 75, 77, 79, 81, § 554.9404]
83 Acts, ch 70, § 2; 85 Acts, ch 188, § 3; 86 Acts, ch 1237, § 35; 91 Acts, ch 267, § 620; 92 Acts, ch 1091, § 1
Referred to in § 15E.91, 16.26, 16A.9, 331.602
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