Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 9. · Article 9. SECURED TRANSACTIONS · Part 5. FILING

11-9-513. Termination statement.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(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. (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#
2. (2)
  The debtor did not authorize the filing of the initial financing statement.#
(b)
Time for compliance with subsection (a) of this Code section. To comply with subsection (a) of this Code section, a secured party shall cause the secured party of record to file the termination statement:#
1. (1)
  Within one month after 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#
2. (2)
  If earlier, within 20 days after the secured party receives a signed demand from a debtor.#
(c)
Other collateral. In cases not governed by subsection (a) of this Code section, within 90 days after there is no obligation secured by the collateral covered by or described in the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value or, if earlier, 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. (1)
  Except in the case of a financing statement 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;#
2. (2)
  The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;#
3. (3)
  The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor’s possession; or#
4. (4)
  The debtor did not authorize the filing of the initial financing statement.#
(d)
Effect of filing termination statement. Except as otherwise provided in Code Section 11-9-510, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-9-513, enacted by Ga. L. 2001, p. 362, § 1; Ga. L. 2024, p. 817, § 6-1/HB 1240, effective July 1, 2024.

Amendments

The 2024 amendment, effective July 1, 2024, substituted “a signed” for “an authenticated” in paragraph (b)(2) and near the middle of subsection (c).

Editor's notes

Ga. L. 2024, p. 817, § 1-1/HB 1240, not codified by the General Assembly, provides: “This Act shall be known and may be cited as the ‘Uniform Commercial Code Modernization Act of 2024.’” Ga. L. 2024, p. 817, § 1-2/HB 1240, not codified by the General Assembly, provides: “Nothing in this Act shall be construed to support, endorse, create, or implement a national digital currency.”

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-pdf.pdf, Volume V9, 2022 edition, 2025 supplement, pages 136 to 137; merge action: replaced; file SHA-256 df9393c4ba3b.

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