After the loan is repaid, how can a financing statement be discharged?

A secured creditor must discharge the registered financing statement within fourteen days after all obligations under the security agreement creating the security interest have been performed. A Notice of discharge must be electronically filled through Form IV and a fee of K100 must be paid. In the event that the secured creditor does not file a Notice of Discharge, the debtor may send a formal request to the creditor. A demand by a debtor to discharge or amend a registered financing statement must be made in substantial conformity to Form III. If the secured creditor still does not cancel the registration, the debtor may ask the court to issue an order to amending or discharge the registration and may seek damages if applicable. The law protects the debtor in case of the secured creditor’s failure to discharge a registration.