{"data":{"id":"us-nj/n.j.-stat.-12a-9-513","jurisdiction":"us-nj","citation":"N.J. Stat. § 12A:9-513","heading":"Termination statement.","body":"Termination Statement.\n(a)\tConsumer 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:\n(1)\tthere 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\n(2)\tthe debtor did not authorize the filing of the initial financing statement.\n(b)\tTime for compliance with subsection (a).  To comply with subsection (a), a secured party shall cause the secured party of record to file the termination statement:\n(1)\twithin 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\n(2)\tif earlier, within 20 days after the secured party receives an authenticated demand from a debtor.\n(c)\tOther collateral.  In cases not governed by subsection (a), 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:\n(1)\texcept 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;\n(2)\tthe 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;\n(3)\tthe financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or\n(4)\tthe debtor did not authorize the filing of the initial financing statement.\n(d)\tEffect of filing termination statement.  Except as otherwise provided in 12A: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.  Except as otherwise provided in 12A:9-510, for purposes of 12A:9-519 (g), 12A:9-522 (a) and 12A:9-523 (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.\nL.2001, c.117, s.1; amended 2001, c.386, s.78.","path":["TITLE 12A COMMERCIAL TRANSACTIONS"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"b1777d4826557472296ce1ccb130aac45346f20355b16fe55690292c33c3ecd8","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-12a-9-512","next":"us-nj/n.j.-stat.-12a-9-514"},"notice":"GroundRules: Original legal text. Not legal advice."}