The Florida Senate

679.404  Termination statement.--

(1)  If a financing statement is filed on or after July 1, 1992, then within 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, for each filing officer with whom the financing statement was filed, file a termination statement to the effect that he or she no longer claims a security interest under said financing statement, which shall be identified by file number, or official records book and page number, if applicable. Except for termination statements of financing statements filed under s. 679.402(2) and (5), a termination statement must be signed by the secured party of record or be accompanied by an assignment or a separate written statement of assignment signed by the secured party of record complying with s. 679.405(2), including payment of the required fee. If the affected secured party fails to send such a termination statement within 10 days after proper written demand therefor or written notice that the filing has been assigned to another party, together with such party's address, he or she is liable to the debtor in the amount of $10 per day for each day of noncompliance, not exceeding 10 days, and in addition is liable for any loss caused to the debtor by such failure.

(2)  On presentation to the filing officer of such a termination statement, the officer must note it in the index and, if applicable, record it in the office where a mortgage on the real estate concerned would be filed or recorded. If the filing officer 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 the filing officer has no such record, he or she may remove them from the files at any time after 1 year after receipt of the termination statement.

(3)  The uniform fee for filing and indexing a termination statement shall be as provided in chapter 15 or chapter 28. An additional fee may be charged for each name, more than one, against which the termination statement is required to be indexed.

History.--s. 1, ch. 65-254; s. 27, ch. 79-398; s. 2, ch. 92-307; s. 696, ch. 97-102.

Note.--s. 9-404, U.C.C.