Ala. Admin. Code r. 820-4-2-.02 - Glossary Of Terms

The following words or phrases, whenever they appear in these regulations, unless the context clearly indicates otherwise, shall have the meaning ascribed to them as follows:

(1) "System Operator." The system operator for the Central Filing System is the Alabama Secretary of State. All filings of any effective financing statements, amendments thereto or continuation thereof, are filed with the Secretary of State.

(2) "Central Filing System." Central filing system means a system certified by the Secretary of the United States Department of Agriculture for filing effective financing statements or notice of such financing statement in Alabama on a statewide basis.

(3) "Effective Financing Statement." Effective financing statement means a statement that is an original or reproduced copy thereof; signed and filed with the Secretary of State by the secured party; signed by the debtor; contains the name and address of the secured party; the name and address of the person indebted to the secured party; the Social Security or Internal Revenue Service tax identification number of such debtor; and description of the farm products subject to the security interest to include county where collateral is produced and amount of such product where applicable.

(4) "E.F.S." "E.F.S." means effective financing statement.

(5) "System." System means central filing system.

(6) "Registrant." Registrant means any buyer of farm products, selling agent, or commission merchant registered with the system.

(7) "Master List." Master list means the accumulation of data in paper, electronic, or other form, organized according to farm products; and arranged within such product alphabetically, numerically by Social Security or Internal Revenue Service tax identification number, geographically by county, and crop year.

(8) "Secretary." Secretary means the Alabama Secretary of State.

(9) "Portion." Portion means portion of the master list distributed to registrants regularly that covers the farm products in which such registrant has registered an interest.

(10) "Debtor." Debtor means the person who owns a product and subjects it to a security interest, whether or not that person owes a debt to the secured party.

Authors: Valeria Harman, Charles E. Grainger, Jr.

Notes

Ala. Admin. Code r. 820-4-2-.02

New Rule: January 10, 2001; effective February 14, 2001.

Formerly Rule 820-X-2-.02, as per certification filed January 10, 2001; effective February 14, 2001.

Statutory Authority: Code of Ala. 1975, §§ 7-9-307, 7-9-407.