What must be done when a debtor pays off the debt secured by a security interest in goods?

Question

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When a debtor pays off the debt secured by a security interest in goods, a termination statement must be filed by the creditor. This statement acknowledges that the debt has been satisfied and releases the security interest in the goods. It is important to file this statement in order to clear the title of the goods and ensure that the creditor no longer has a claim to them.

What Must Be Done When a Debtor Pays Off the Debt