Sentence examples for termination statements from inspiring English sources

They also began filing UCC-1 Financing Statements -- and UCC-3 Termination Statements -- every time an apartment changed hands.

For a co-op loan, the document is called a UCC-3 Termination Statement.

If a UCC-1 is discovered, Mr. Brav said, ask the lender to file a Termination Statement.

Q: You have had a number of articles referring to the need to file a UCC-3 Termination Statement to cancel a UCC-1 Financing Statement.

The bank has filed the UCC-3 Termination Statement, which verifies that I paid off the loan, but there is a problem.

Termination Statement Is Filed Under Wrong Name Q I bought a co-op in 1987 and paid off my loan in 2006.

In these cases, Mr. Chiellino said, it would be up to the lender or its lawyers to remove the pre-filed lien by filing a document known as a UCC-3 Termination Statement.

In 1988, however, the law governing such filings was amended to remove the five-year expiration period and to provide that the liens are effective until a termination statement, or UCC-3, is filed.

Mr. Simon recommends that co-op owners who have started the refinancing process and then decided not to complete the transaction should make sure that the lender has filed the UCC-3 Termination Statement to cancel any pre-filed liens.

Will this give me a problem when I sell the apartment?... Ramesh Moorjani, Manhattan A Eric P. Gonchar, a Manhattan co-op lawyer, said that while it is the Termination Statement itself that is important — not the cover sheet used for filing — the statement will not be very helpful if it cannot be found.

So, Mr. Gonchar said, it would be prudent for the letter writer to get the lender to give him a duplicate UCC-3 Termination Statement and to file it with the City Register using his first and last names in the proper order.