termination

The action taken by a secured party to end or give up its interest in collateral. For personal property collateral, a termination may be entered into the public record by using a standard form called a UCC-3. American Banker Glossary

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termination ter‧mi‧na‧tion [ˌtɜːmˈneɪʆn ǁ ˌtɜːr-] noun [countable, uncountable]

1. the act of ending something, or the end of something:

• No reason was given for the termination of the discussions.

• Some investors will continue with payments until the plan's termination in 15 years' time.

2. HUMAN RESOURCES when someone is removed from their job by their employer:

• Some partners were selected for termination.

• The planned job terminations will affect various locations.

ˌwrongful termiˈnation

HUMAN RESOURCES LAW when someone is removed from their job in a way that is unfair and illegal, for example when the correct process has not been followed:

• The employees sued, claiming wrongful termination.

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termination UK US /ˌtɜːmɪˈneɪʃ^ən/ noun [C or U]

► the act of ending something, or the end of something: »

Executive directors are entitled to 12 months' notice of termination of their contracts.

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All benefits and cover cease upon reaching the termination date of the loan.

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An important element at the termination of a project is reporting back on what went well and what went badly.

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Consumers have to pay an early termination fee to break their contracts.

► HR the act of removing someone from their job: »

Such misconduct, he warned, could lead to suspension or termination.

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She believed her termination was racially motivated.