(810 ILCS 5/9-404.5)
Sec. 9-404.5.
Termination statement; duties of filing officer.
(1) If a financing statement covering consumer goods is filed on or
after July 1, 1973, then within one
month or within 10 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 he no longer claims a security
interest under the financing statement, which shall be identified by file
number. In other cases whenever 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 he 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. If
the affected secured party fails to file such a termination statement as
required by this subsection, or to send such a termination statement within
10 days after proper demand therefor, he shall be liable to the debtor for
$100 and in addition for any loss caused to the debtor by such failure.
(2) On presentation to the filing officer of such a termination
statement he must note it in the index. If he has received the termination
statement in duplicate, he shall return one copy of the termination
statement to the secured party stamped to show the time of receipt thereof.
If the filing officer has a microfilm or other photographic record of the
financing statement, and of any related continuation statement, statement
of assignment and statement of release, he may remove the originals from
the files at any time after receipt of the termination statement, or if he
has no such record, he may remove them from the files at any time after one
year after receipt of the termination statement.
(3) If the termination statement is in the standard form prescribed by the
Secretary
of State, the uniform fee for filing and indexing the termination statement in
the office of
a county recorder shall be $5 and otherwise shall be $10, plus in each case an
additional
fee of $5 for each name more than one at each address listed against which the
termination statement is required to be indexed.
(Source: P.A. 91-893, eff. 7-6-00.)
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