(1) The effectiveness of a notice may be terminated by
filing a termination statement that:
(a) identifies the initial notice by its file number;
(b) identifies a security holder mentioned in the notice who
authorizes the termination statement;
(c) indicates that the notice is no longer effective with respect to the
security holder who authorizes the filing.
(2) If the following conditions are met and the security holder receives a
written demand made by the security giver, the security holder mentioned in a
notice shall file a termination statement within twenty days of receipt of such
demand:
(a) there is no outstanding secured obligation and no commitment to
make an advance, to incur an obligation, or otherwise to give
value; or
(b) the security giver has not authorized the filing of the initial
notice; or
(c) the obligor or other person obligated has discharged his or her
obligation with respect to the already sold accounts or secured
sales contracts covered in the notice.
(3) A termination statement shall terminate the interest of a security
holder mentioned in the notice only if such statement is filed by the
authorization of such security holder. If a termination statement is filed, the
notice to which the termination statement relates shall not become effective
with respect to the security holder who has given such authorization.