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When a debt underlying a UCC lien is paid, a release is filed. The UCC 3 - statement of change allows one to indicate a lien has been released.
The filing fees and forms are provided by a contractor for the State of Florida Secretary of State's Office and can be found at:
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Thank you for the info on the UCC1.....as the seller filed the UCC-1, is it the sellers responsibility to file the UCC3 release? And I didn't see an answer to part 2 of my question; 2) should I receive any documentation from the seller showing that the loan has been satisfied (i.e., the original promissory note stamped and dated as "loan satisfied" ) and if so, what type of documentation should the seller be furnishing me?
The party who files a lien would have an obligation to provide the release. Also, when payment of a loan is complete some statement, letter or other document is typically provided to the debtor to show the debt is paid. If it is not provided, a debtor will normally request such documentation.
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