UCC-3 termination
A filing that releases or amends an existing UCC-1, most often recording that a secured party’s claim has ended.
Filed by the secured party rather than the debtor, which means a repaid advance can leave an active-looking filing for some time if nobody follows up. An active UCC-1 is therefore weak evidence of an active balance.
Why it matters to a broker
If a merchant insists a position is closed but the filing is live, a termination is what proves it. Worth asking them to request one.
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