LEG00262

• Bill Number: SB95-091
• Year: 1995
• Title: Concerning Filings to Perfect Security Interests and in Connection Therewith Creating a Central Indexing System and Making Appropriations
• Legislation - Doc Type: Other CWCB Related Bills - Passed

. 4-9-404. Termination . statement. (I) If a financing
statement covering consumer goods is filed on or after January 1,
1978, within one month or within ten days following written demand
by the debtor after there is no outstanding secured obl igation and
no commi tment to make advances, incur ob 1 i gat ions, or otherwi se
give value, the secured party must file with each filing officer
wi th whom the fi nanc i ng statement was fi 1 ed . a termi nat i on
statement to the effect that lie THE SECURED PARTY no longer claims
a security interest under the financing statement, which shall be
identified by file number. In other cases whenever there is no
outstandi ngsecured obl i gat i on and no commitment to make advances,
incur obligations, or otherwise give value, the secured party must
on written demand by the debtor send the debtor, for each filing
officer with whom the financing statement was filed, a termination
statement to the effect that lie THE SECURED PARTY no longer claims
a security interest under the financing statement, which shall be
identified by file number. ~ termiRatieR statemeRt si!jRes BY a
~QrSeR etRer tRaR tRe sec~res ~artyef recers m~st Be accem~aRies
BY a se~arate ',.:ritteR statemeRtef assi!jRmeRt si!jRes by tRe
sec~res ~artyef recers cem~lyiR!j ':litR s~BsectiliR (2)ef sectieR
4 9 405. If the affected secured party fails tofil e such a
termination statement as required by this subsection (1) or to
send such a termination statement within ten days after proper
demand therefor, lie THE SECURED PARTY shall bel i ab 1 eto the
debtor for one hundred dollars, and in addition for any loss
caused to the debtor by such fai 1 ure. .

SECTION 6. 4-9-405(2) , Colorado Revi sed Statutes , 1992
Repl. Vol:, is amended to read:

4 9 405. Ass'i-gnmeR~seGur+t-y-4At-a'eS-t duties of-
filing officer. (2) A secured party 'may assign of record all or
a part of JH.s. THE SECURED PARTY'S rights under a. financing
statement by the fil ing, in the place where the original financing
statement was filed, of a separate written statement of assignment
s i gRed BY tRe sec~red ~arty ef recenl aRd setti ng forth the name
of the secured party of record and the debtor, the fil e number and
the date offiHng of the financing statement and the name and
address of the assignee and containing a description of the
collateral assigned. .A copy of the assignment is sufficient as
a-separ d te 5 tatement-iT-it-compttes-with-th.,-precedtng-sennmce-;-
On present at i on to. the fil ing offi cer of such.. a separate
statement, the filing officer shall mark such separate statement
with the date and hour of the fi 1 i ng lie AND sha 11 note the
assignment on the index of the financing statement, or in the case
of a fi xture fi 1 i ng, or a fi 1 i ng . coveri ng timber to be cut,
minerals or other substances of value which may be extracted from
the earth, or accounts subjeCt to subsect i on (5) of sect ion
4-9-103, lie THE FILING OFFICER shall index the assignment under
the name of the assignor as grantor, and. to the extent that the
law of this state provides for indexing the assignment of a
mortgage under the name of the assignee, lie THE FILING OFFICER

PAGE 6-SENATE BILL 95-91