24.51.040 Termination Statement

(a) If a financing statement is filed then within one (1) month or within ten (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 or she 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 24.51.050(b), including payment of the required fee. 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 ten (10) days after proper demand therefore he or she shall be liable to the debtor for one hundred dollars ($100), and in addition for any loss caused to the debtor by such failure.

(b) On presentation to the filing officer of such a termination statement he or she must note it in the index. If he or she has received the termination statement in duplicate, he or she 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 or she may remove the originals from the files at any time after receipt of the termination statement, or if he or she has no such record, he or she may remove them from the files at any time after one year after receipt of the termination statement.

(c) If the termination statement is in the standard form prescribed by the Secretary of the Tribe, the uniform fee for filing and indexing the termination statement shall be two dollars ($2), and unless otherwise indicated shall be two dollars ($2), plus in each case an additional fee of two dollars ($2) for each name more than one against which the termination statement is required to be indexed.