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(810 ILCS 5/9-513) (Text of Section before amendment by P.A. 103-1036) Sec. 9-513. Termination statement. (a) 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 the financing statement covers consumer goods and: (1) 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
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(2) the debtor did not authorize the filing of the
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| initial financing statement.
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(b) Time for compliance with subsection (a). To comply with
subsection (a), a secured party shall cause the secured party of record to file the
termination statement:
(1) within one month after there is no obligation
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| secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
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(2) if earlier, within 20 days after the secured
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| party receives an authenticated demand from a debtor.
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(c) Other collateral. In cases not governed by subsection (a),
within 20 days after a secured party receives an authenticated demand from a
debtor, the secured party shall cause the secured party of record for a financing
statement to send to the debtor a termination statement for the financing statement
or file the termination statement in the filing office if:
(1) except in the case of a financing statement
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| covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, 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;
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(2) the financing statement covers accounts or
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| chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;
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(3) the financing statement covers goods that were
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| the subject of a consignment to the debtor but are not in the debtor's possession; or
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(4) the debtor did not authorize the filing of the
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| initial financing statement.
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(d) Effect of filing termination statement. Except as otherwise
provided in Section 9-510, upon the filing of a termination statement with the
filing
office, the financing statement to which the termination statement relates
ceases to
be
effective. Except
as otherwise provided in Section 9-510, for purposes of Sections 9-519(g),
9-522(a), and 9-523(c) the filing with the filing office of a termination
statement relating to a financing statement that indicates that the debtor is a
transmitting utility also causes the effectiveness of the financing statement
to lapse.
(Source: P.A. 91-893, eff. 7-1-01.)
(Text of Section after amendment by P.A. 103-1036)
Sec. 9-513. Termination statement.
(a) 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 the financing statement covers consumer goods and:
(1) there is no obligation secured by the collateral
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| covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
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|
(2) the debtor did not authorize the filing of the
|
| initial financing statement.
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|
(b) Time for compliance with subsection (a). To comply with subsection (a), a secured party shall cause the secured party of record to file the termination statement:
(1) within one month after there is no obligation
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| secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
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(2) if earlier, within 20 days after the secured
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| party receives a signed demand from a debtor.
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(c) Other collateral. In cases not governed by subsection (a), within 20 days after a secured party receives a signed demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if:
(1) except in the case of a financing statement
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| covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, 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;
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(2) the financing statement covers accounts or
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| chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;
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|
(3) the financing statement covers goods that were
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| the subject of a consignment to the debtor but are not in the debtor's possession; or
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|
(4) the debtor did not authorize the filing of the
|
| initial financing statement.
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(d) Effect of filing termination statement. Except as otherwise provided in Section 9-510, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in Section 9-510, for purposes of Sections 9-519(g), 9-522(a), and 9-523(c) the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse.
(Source: P.A. 103-1036, eff. 1-1-25.)
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