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Secured Party Release Under UCC-1
UCC-1 is a contract whereby a borrower (debtor) assigns his collateral to a secured party against a debt (per my understanding).
My question is how, how can the secured party later release the debtor from the obligations of the UCC-1?
For instance, if "Paul Sholtz" (<- the secured party) were to file a UCC-1 w/ "PAUL SHOLTZ" (<- the debtor), and then at a later date "Paul Sholtz" desired to release "PAUL SHOLTZ" from this obligation (perhaps so that "Paul Sholtz" could take the assets of "PAUL SHOLTZ" and transfer them to a trust, etc), how could this be done?
Granted, this question assumes that the whole UCC-1 process is legal, etc, something that I haven't totally made my mind up on yet... but.. I guess I'm just wondering from a general standpoint how the creditor/secured party in a UCC-1 agreement can release the debtor and/or the debtor's collateral?
What documents would the secured party file?
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