In most situations,a termination statement must be filed or sent within twenty days after the debt is paid.

Question

Quizplus · Accepted Answer

This is true as per the Uniform Commercial Code (UCC), which requires a termination statement to be filed within 20 days of the debtor's satisfaction of the related debt. This is important to remove the lien or security interest on the property or asset that was securing the debt. Failure to file or send the termination statement in a timely manner can result in legal disputes or complications.

In Most Situations,a Termination Statement Must Be Filed or Sent