24.46.120 Termination Statement - Remedies - Fees

(a) If a financing statement covering consumer goods is filed after December 31, 1973, 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 shall file electronically in the central indexing system, a termination statement to the effect that the secured party no longer claims a security interest under the financing statement, which must be identified by file number. In other cases when there is no outstanding secured obligation and no written commitment between the secured party and the debtor to make advances, incur obligations, or otherwise give value, the secured party, unless requested by the debtor in writing to continue the filing, shall file electronically a termination statement to the effect that the secured party no longer claims a security interest under the financing statement nor under the central notice system, which shall be identified by file number. If the affected secured party fails to file a termination statement as required by this subsection within sixty days of when the secured obligation is fully satisfied, and the debtor has not requested in writing that the filing be continued, then under Section 24.47.230 the secured party is liable to the debtor for one hundred dollars and for any loss caused to the debtor by such failure. The debtor's written request for a filing to be continued may be made at any time and be effective under this section. If the affected secured party fails to file a termination statement within ten days after proper written demand by the debtor, then under Section 24.47.230 the secured party is liable to the debtor for one hundred dollars and for any loss caused to the debtor by such failure.

(b) Except as otherwise provided in Section 24.46.090, upon the filing of a termination statement, the financing statement to which the termination statement relates ceases to be effective. Except as provided in Section 24.46.090, for purposes of subsection (g) of Section 24.46.180, subsection (a) of Section 24.46.210, and subsection (b) of Section 24.46.220, the electronic filing 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.