§12A-9-404.

§12A-9-404.
   
   Termination Statement.
   
   (1) If a financing statement covering consumer goods is filed on or
   after October 1, 1981, then within thirty (30) days or within ten (10)
   days following written demand by the debtor after there is no
   outstanding secured obligation and no commitment to make advances,
   incur obligations or otherwise give value, the secured party must file
   with each filing officer with whom the financing statement was filed,
   a termination statement to the effect that he no longer claims a
   security interest under the financing statement, which shall be
   identified by file number. In other cases whenever there is no
   outstanding secured obligation and no commitment to make advances,
   incur obligations or otherwise give value, the secured party must on
   written demand by the debtor send the debtor, for each filing officer
   with whom the financing statement was filed, a termination statement
   to the effect that he no longer claims a security interest under the
   financing statement, which shall be identified by file number. A
   termination statement signed by a person other than the secured party
   of record must be accompanied by a separate written statement of
   assignment signed by the secured party of record complying with
   subsection (2) of Section 9-405, including payment of the required
   fee. If the affected secured party fails to file or send such a
   termination statement as required by this subsection, he shall be
   liable to the debtor for One Hundred Dollars ($100.00) and in addition
   for any loss caused to the debtor by such failure.
   
   (2) On presentation to the filing officer of such a termination
   statement he must note it in the index. If he has received the
   termination statement in duplicate, he shall return one copy of the
   termination statement to the secured party stamped to show the time of
   receipt thereof. If the filing officer has a microfilm or other
   photographic record of the financing statement and of any related
   continuation statement, statement of assignment and statement of
   release, he may remove the originals from the files at any time after
   receipt of the termination statement, or if he has no such record, he
   may remove them from the files at any time after one (1) year after
   receipt of the termination statement.