<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 57A-9-513 - Termination statement.</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s5b3a1f5f5727406bb4f07f70a55423d4Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s5b3a1f5f5727406bb4f07f70a55423d4SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s5b3a1f5f5727406bb4f07f70a55423d4CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s5b3a1f5f5727406bb4f07f70a55423d4Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; 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font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s5b3a1f5f5727406bb4f07f70a55423d4SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 57A-9-513 - Termination statement."><meta property="og:description" content="SDLRC Codified Law 57A-9-513 - Termination statement."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/57A-9-513"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4Normal"><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-513" rel="noopener"><span class="s5b3a1f5f5727406bb4f07f70a55423d4SENU">57A-9-513</span></a><span xml:space="preserve" class="s5b3a1f5f5727406bb4f07f70a55423d4SENU">. </span><span class="s5b3a1f5f5727406bb4f07f70a55423d4CL">Termination statement.</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4Statute"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(a) 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:</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4StatuteNumber1"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(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</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4StatuteNumber1"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(2)    The debtor did not authorize the filing of the initial financing statement.</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4Statute"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(b) To comply with subsection (a), a secured party shall cause the secured party of record to file the termination statement:</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4StatuteNumber1"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(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</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4StatuteNumber1"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(2)    If earlier, within twenty days after the secured party receives a signed demand from a debtor.</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4Statute"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(c) In cases not governed by subsection (a), within twenty 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:</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4StatuteNumber1"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4StatuteNumber1"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4StatuteNumber1"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(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</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4StatuteNumber1"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(4)    The debtor did not authorize the filing of the initial financing statement.</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4Statute"><span xml:space="preserve" class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(d) Except as otherwise provided in § </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-510" rel="noopener"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">57A-9-510</span></a><span xml:space="preserve" class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in § </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-510" rel="noopener"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">57A-9-510</span></a><span xml:space="preserve" class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">, for purposes of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-519" rel="noopener"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">57A-9-519</span></a><span xml:space="preserve" class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(g), </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-522" rel="noopener"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">57A-9-522</span></a><span xml:space="preserve" class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(a), and </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-523" rel="noopener"><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">57A-9-523</span></a><span class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont">(c), the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse.</span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4Normal"><span xml:space="preserve" class="s5b3a1f5f5727406bb4f07f70a55423d4000000"> </span></p><p dir="ltr" class="s5b3a1f5f5727406bb4f07f70a55423d4NoIndent"><span xml:space="preserve" class="s5b3a1f5f5727406bb4f07f70a55423d4DefaultParagraphFont-000001">Source: </span><span class="s5b3a1f5f5727406bb4f07f70a55423d4SCL">SL 2000, ch 231; SL 2024, ch 198, § 79.</span></p></div></body></html>