{"data":{"id":"us-ky/krs-355.9-513","jurisdiction":"us-ky","citation":"KRS 355.9-513","heading":"Termination statement.","body":"(1) A secured party shall cause the secured party of record for a financing statement to\nfile a termination statement for the financing statement if the financing statement\ncovers consumer goods and:\n(a) There is no obligation secured by the collateral covered  by the financing\nstatement and no commitment to make an advance, incur an obligation, or\notherwise give value; or\n(b) The debtor did not authorize the filing of the initial financing statement.\n(2) To comply with subsection (1) of this section, a secured party shall cause the\nsecured party of record to file the termination statement:\n(a) Within one (1) month after there is no obligation secured by the collateral\ncovered by the financing statement and no commitment to make an advance,\nincur an obligation, or otherwise give value; or\n(b) If earlier, within twenty (20) days after the secured party receives a signed\ndemand from a debtor.\n(3) In cases not governed by subsection (1) of this section, within twenty (20) days\nafter a secured party receives a signed demand from a debtor, the secured party\nshall cause the secured party of record for a financing statement to send to the\ndebtor a termination statement for the financing statement or file the termination\nstatement in the filing office if:\n(a) Except in the case of a financing statement covering accounts or chattel paper\nthat has been sold or goods that are the subject of a consignment, there is no\nobligation secured by the collateral covered by the financing statement and no\ncommitment to make an advance, incur an obligation, or otherwise give value;\n(b) The financing statement covers accounts or chattel paper that has been sold\nbut as to which the account debtor or other person obligated has discharged its\nobligation;\n(c) The financing statement covers good s that were the subject of a consignment\nto the debtor but are not in the debtor's possession; or\n(d) The debtor did not authorize the filing of the initial financing statement.\n(4) (a) Except as otherwise provided in KRS 355.9 -510, upon the filing of a\ntermination statement with the filing office, the financing statement to which\nthe termination statement relates ceases to be effective.\n(b) Except as otherwise provided in KRS 355.9 -510, for purposes of KRS 355.9 -\n519(7), 355.9-522(1), and 355.9 -523(3), the filing with the filing office of a\ntermination statement relating to a financing statement that indicates that the\ndebtor is a transmitting utility also causes the effectiveness of the f inancing\nstatement to lapse.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55704","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:48Z","sha256":"6c9910d5bac26a8318120b1f89d7d3d105d304489fe5c075ef368d21aa3b9789","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.9-512","next":"us-ky/krs-355.9-513a"},"notice":"GroundRules: Original legal text. Not legal advice."}