A termination statement must be filed within 20 days of receipt of a debtor's written demand or within 1 month of the debt being paid,whichever comes first.

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A termination statement is required to be filed within 20 days of receipt of a debtor's written demand or within 1 month of the debt being paid, whichever comes first, as per the Uniform Commercial Code.

A Termination Statement Must Be Filed Within 20 Days of Receipt