5. Deletion of All Debtors or Secured Parties of Record. Subsection (e) [Maine cite subsection (5)] assures that there will be a debtor and secured party of record for every financing statement.

Example: A filed financing statement names A and B as secured parties of record and covers inventory and equipment. An amendment deletes equipment and purports to delete A and B as secured parties of record without adding a substitute secured party. The amendment is ineffective to the extent it purports to delete the secured parties of record but effective with respect to the deletion of collateral. As a consequence, the financing statement, as amended, covers only inventory, but A and B remain as secured parties of record.

§9-1513.__Termination statement

(1)__A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if__the financing statement covers consumer goods and:

(a)__There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation or otherwise give value; or

(b)__The debtor did not authorize the filing of the initial financing statement.

(2)__To comply with subsection (1), a secured party shall cause the secured party of record to file the termination statement:

(a)__Within one month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation or otherwise give value; or

(b)__If earlier, within 20 days after the secured party receives an authenticated demand from a debtor.

(3)__In cases not governed by subsection (1), within 20 days after a secured party receives an authenticated demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination