UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                     FORM 15


   CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g)
  OF THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS
  UNDER SECTIONS 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

                                             Commission File Number:  811-07070



                    HYPERION 2002 TERM TRUST, INC.
- ------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)

                                One Liberty Plaza
                            165 Broadway, 36th Floor
                          New York, New York 10006-1404
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   (Address, including zip code, and telephone number, including area code,
                 of registrant's principal executive offices)

                                 Common Stock
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           (Title of each class of securities covered by this Form)

                                      N/A
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          (Titles of all other classes of securities for which a duty to file
             reports under section 13(a) or 15(d) remains)
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         Please place an X in the box(es) to designate the appropriate rule
provision(s) relied upon to terminate or suspend the duty to file reports:

              Rule 12g-4(a)(1)(i)   |X|

              Rule 12g-4(a)(1)(ii)  |_|

              Rule 12g-4(a)(2)(i)   |_|

              Rule 12g-4(a)(2)(ii)  |_|

              Rule 12h-3(b)(1)(i)   |_|

              Rule 12h-3(b)(1)(ii)  |_|

              Rule l2h-3(b)(2)(i)   |_|

              Rule 12h-3(b)(2)(ii)  |_|

              Rule 15d-6            |_|

     Approximate  number of holders of record as of the  certification or notice
date: 0

         Pursuant to the requirements of the Securities Exchange Act of 1934
Hyperion 2002 Term Trust, Inc. has caused this certification/notice to be signed
on its behalf by the undersigned duly authorized person.


Date:  December 30, 2002                    By: /s/ Clifford E. Lai
                                                -------------------
                                                                 Clifford E. Lai
                                                                 President