Section 58
Termination Of Security Interest
(1) A security interest shall be terminated when there is no outstanding secured obligation and the security
holder has no commitment to make an advance, to incur an obligation, or otherwise to give value.
(2) A security interest shall be terminated when, with respect to an account or secured sales contract that has been sold, the person owing the obligation has discharged such obligation.
holder has no commitment to make an advance, to incur an obligation, or otherwise to give value.
(2) A security interest shall be terminated when, with respect to an account or secured sales contract that has been sold, the person owing the obligation has discharged such obligation.
Secured Transaction Act, 2063 (2006)
Chapter - 2
Section 4: Establishment Of Registration OfficeSection 5: Functions, Duties And Powers Of Registration OfficeSection 6: Right Of Access To Notices Of OfficeSection 7: Contents Of Initial NoticeSection 8: Sufficiency Of Name In A NoticeSection 9: Effect Of Changes In NoticeSection 10: Duration Of Notice And Effect Of Lapse ThereofSection 11: Security Holder On The NoticeSection 12: Amendment Of NoticeSection 13: Continuation Of NoticeSection 14: Termination Of NoticeSection 15: Effectiveness Of NoticeSection 16: Claim Concerning Wrongfully Filed NoticeSection 17: Duties Of Registration OfficeSection 18: Information To Be Obtained From Registration OfficeSection 19: Provisions Relating To Filing Fees
Chapter - 4
Section 26: Maturality Of Security InterestSection 27: Continuity Of MaturitySection 28: Priority Among Security Interests In The Same CollateralSection 29: Priority Of Security Interest Over Right Of Lien HolderSection 30: Effect Of Purchase Of CollateralSection 31: Lessee Of CollateralSection 32: Notice Of Purchase Money Security InterestSection 33: Disposition Of Collateral And Proceed ThereofSection 34: Priority Of Purchase Money Security Interest In EquipmentSection 35: Priority Of Purchase Money Security Interest In Inventory Or LivestockSection 36: Priority Of Right Of RetentionSection 37: FixturesSection 38: CropsSection 39: AccessionsSection 40: Commingled GoodsSection 41: Purchase Of Secured Sales Contracts And InstrumentsSection 42: AssignmentSection 43: Restriction On Sale Or AssignmentSection 44: Future AdvancesSection 45: Alteration In Priority
Chapter - 5
Section 46: Provisions Relating To Performance Of ObligationsSection 47: Collection Right Of Security HolderSection 48: Right Of Security Holder To Take PossessionSection 49: Right Available Upon Interference With Enforcement Action OfcollateralSection 50: Right Of Security Holder To Sell And Dispose Of CollateralSection 51: Consequences Of Sale And DisposalSection 52: Suspension Or Retention Of CollateralSection 53: Right Of Security Giver To Redeem CollateralSection 54: Obligation Of Security Holder On Default In Performance Of Obligation