GA Code § 11-9-513 (2021)
2021 Georgia Code|Title 11 - Commercial Code|Article 9 - Secured Transactions|Part 5 - Filing|§ 11-9-513. Termination Statement

  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:   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   The debtor did not authorize the filing of the initial financing statement.     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:   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   If earlier, within 20 days after the secured party receives an authenticated demand from a debtor.     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 an authenticated 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:   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;   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;   The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or   The debtor did not authorize the filing of the initial financing statement.     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.     (Code 1981, §11-9-513, enacted by Ga. L. 2001, p. 362, § 1.)   Law reviews.   - For article on the 1963 amendment to the Georgia Uniform Commercial Code, see 14 Mercer L. Rev. 378 (1963). For article, "Security Transfers by Secured Parties," see 4 Ga. L. Rev. 527 (1970). For article, "The Revisions to Article IX of the Uniform Commercial Code," see 15 Ga. St. B.J. 120 (1977). For survey article on commercial law, see 34 Mercer L. Rev. 31 (1982). For survey article on recent developments in Georgia law of remedies, see 34 Mercer L. Rev. 397 (1982).   JUDICIAL DECISIONS   Editor's notes.   - In the light of the similarity of the provisions, decisions under former Article 9 are included in the annotations for this Code section. For a table of comparable provisions, see the table at the beginning of the Article.    A loan, null and void as a matter of law, creates no "outstanding secured obligation," whether or not declared to be null and void by order of court. United States Life Credit Corp. v. Johnson, 248 Ga. 852, 287 S.E.2d 1 (1982).   Loan agreement language held insufficient to terminate.   - Although the provisions of a subsequent loan agreement stated: "It is understood that this Loan Agreement supersedes and cancels any previous Loan Agreements," this language did not cancel the security agreements or financial statements previously executed by the parties, but merely served to consolidate the previous loan agreements between the parties, and where instead of filing a termination statement, creditor filed a continuation statement, continuing the earlier financing statement, the creditor's security interest, perfected earlier in debtor's equipment, was still valid and effective. Tidwell v. Slocumb (In re Ga. Steel, Inc.), 71 Bankr. 903 (Bankr. M.D. Ga. 1987) (decided under former Code Section 11-9-404).   Award of damages held proper.    - Where industrial loan was void from its inception as usurious, it created no "outstanding secured obligation," and an order by the trial court awarding damages under this section was proper where the lender refused to provide a termination statement that he no longer claimed a security interest under the financing statement. United States Life Credit Corp. v. Johnson, 161 Ga. App. 864, 290 S.E.2d 280 (1982) (decided under former Code Section11-9-404).   OPINIONS OF THE ATTORNEY GENERAL   Editor's notes.   - In the light of the similarity of the provisions, opinions under former Article 9 are included in the annotations for this Code section. For a table of comparable provisions, see the table at the beginning of the Article.   Person obligated to pay filing fee.   - Either secured party or debtor may file termination statement under the former provisions of Code Section 11-9-404; whoever files it is obligated for filing fee. 1970 Op. Att'y Gen. No. U70-178.    Clerk must obtain written authorization  executed by or on behalf of grantee in order to cancel a security instrument and in case of real property may require additional formalities such as attestations to assure against forgery. 1981 Op. Att'y Gen. No. U81-50.   Sufficiency of release of corporate security interests under UCC.   - See 1986 Op. Att'y Gen. No. U86-17.   RESEARCH REFERENCES   Am. Jur. 2d.   - 68A Am. Jur. 2d, Secured Transactions, §§ 419-420, 426-432.   C.J.S.   - 72 C.J.S., Pledges, § 44. 76 C.J.S., Records, § 27.   U.L.A.   - Uniform Commercial Code (U.L.A.) § 9-513.   ALR.   - Consignment transactions under Uniform Commercial Code Article 9 on secured transactions, 58 A.L.R.6th 289.