MN SF3920

Allows persons identified as debtors in financing statements to file notarized affidavits with the filing office claiming the statement was filed without authorization and with intent to harass or defraud.

Requires the filing office to file a termination statement within 20 days of receiving a valid affidavit, with the termination becoming effective 20 days after filing, and mandates notification to the secured party by certified mail and email.

Permits secured parties to request expedited review of the filing before the termination takes effect or to commence a court action within six months seeking reinstatement, with venue in the district court where the filing office is located.

If a court determines the financing statement was authorized and properly filed, the filing office must reinstate it and the statement is considered to never have been terminated.

If a court determines the financing statement was wrongfully filed with intent to harass or defraud, the filing office and debtor may recover costs and attorney fees from the secured party that filed the action.