A potential customer is asking about a lien. The lien does show up in NYS search as lapsed going further shows a termination date of 2024. Does it being terminated mean the lien should no longer exist. We dispute there should have been a lien in the first place.
1 comment
Join the conversation
Sarah from Claimyr
Sorry for the late answer. In New York's UCC index, most financing statements lapse after 5 years, and a lapsed record stays searchable for one more year before it's removed. A termination is a UCC-3 amendment filed to end the financing statement. Neither one tells you whether a debt between the parties still exists. For your customer, a copy of the UCC-3 termination, or a release letter from the secured party, is the usual proof to show a lender. If you believe the lien should never have been filed, an attorney can advise on challenging it.
0 coins