Prior Uniform Statutory Provision: Section 12, Uniform Conditional Sales Act.

Changes: Modified to conform to the scheme of this Article.

Purposes of Changes:

1. To provide a procedure for noting discharge of the secured obligation on the records and for noting that a financing arrangement has been terminated.

2. This Section makes only formal changes, if any, in discharge procedures under prior law. It adds to the usual provisions one covering the problem which arises because a secured party under a notice filing system may file notice of an intention to make advances which may never be made. Under this Section a debtor may require a secured party to send a termination statement when there is no outstanding obligation and no commitment to make future advances.

Cross References:

Point 2: Section 9-402(1).

Definitional Cross References:

"Debtor". Section 9-105.

"Financing statement". Section 9-402.

"Person". Section 1-201.

"Secured party". Section 9-105.

"Security interest". Section 1-201.

"Send". Section 1-201.

"Value". Section 1-201.

"Written". Section 1-201.