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What must a secured party do if they receive a demand from a debtor for a termination statement on a spurious lien?

April 26, 2017debtor DEMAND lien party secured spurious termination

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What must a secured party do if they receive a demand from a debtor for a termination statement on a spurious lien?

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If a secured party receives a demand for a termination statement from a debtor relating to an unauthorized or spurious document, a secured party must either make a termination statement available to the debtor for filing or recording, or file or record a termination statement in the filing office where the initial document was filed or recorded within twenty (20) days. Consult an attorney for specific information and advice.