Iowa Code r. 721-30.4 - Filing and data entry procedures
(1)
Policy statement. This rule describes the filing procedures of
the filing officer upon and after receipt of a UCC document. Except as provided
in these rules, data are transferred from a UCC document to the information
management system exactly as the data are set forth in the document. Personnel
who create reports in response to search requests type search criteria exactly
as set forth on the search request. No effort is made to detect or correct
errors of any kind.
(2)
Document indexing and other procedures before archiving.
a.
Date and time stamp. The
date and time of receipt are noted on the document or otherwise permanently
associated with the record maintained for a UCC document in the UCC information
management system.
b.
Cash
management. Transactions necessary to payment of the filing fee are
performed.
c.
Document
review. The filing office determines whether a ground exists to refuse
the document under 30.2(2).
d.
File stamp. If there is no ground for refusal of the document,
the document is stamped or deemed filed and a unique identification number and
the filing date are stamped on the document or permanently associated with the
record of the document maintained in the UCC information management system. The
sequence of the identification number is not an indication of the order in
which the document was received.
e.
Correspondence.
(1)
Acknowledgment of filing. If there is no ground for refusal of the document, an
acknowledgment of filing is prepared as provided in 30.2(6) and communicated as
follows:
1. UCC document tendered in person.
Acknowledgment of filing is given to the remitter by personal delivery or sent
by regular mail to the remitter or the secured party (or the first secured
party if there is more than one) named on the UCC document.
2. UCC document tendered by courier or postal
service delivery. Acknowledgment of filing is sent by regular mail to the
remitter or to the secured party (or the first secured party if there is more
than one).
3. UCC document tendered
by telefacsimile delivery. Acknowledgment of filing is sent by regular mail
(or, if requested, by telefacsimile) to the remitter or to the secured party
(or the first secured party if there is more than one).
4. UCC document transmitted electronically
using XML standard. Acknowledgment of filing is returned
electronically.
5. UCC document
transmitted by online entry. Acknowledgment of filing is returned
electronically.
(2)
Notice of refusal. If there is a ground for refusal of the document,
notification of refusal to accept the document is prepared as provided in
30.2(5) and communicated as follows:
1. UCC
document tendered in person. Notice of refusal is given to the remitter by
personal delivery or sent by regular mail to the remitter or the secured party
(or the first secured party if there is more than one) named on the UCC
document.
2. UCC document tendered
by courier or postal service delivery. Notice of refusal is sent by regular
mail to the remitter or to the secured party (or the first secured party if
there is more than one).
3. UCC
document tendered by telefacsimile delivery. Notice of refusal is sent by
regular mail (or, if requested, by telefacsimile) to the remitter or to the
secured party (or the first secured party if there is more than one).
4. UCC document transmitted electronically
using XML standard. Notice of refusal is returned electronically.
5. UCC document transmitted by online entry.
Notice of refusal is returned electronically.
f.
Data entry. Data entry
and indexing functions are performed as described in this rule.
(3)
Filing date.
The filing date of a UCC document is the date the UCC document is received with
the proper filing fee if the filing office is open to the public on that date
or, if the filing office is not open on that date, the filing date is the next
date the filing office is open, except that, in each case, UCC documents
received after 4:30 p.m. shall be deemed received on the next date the filing
office is open. The filing officer may perform any duty relating to the
document on the filing date or on a date after the filing date.
(4)
Filing time. The filing
time of a UCC document is determined as provided in 30.1(7).
(5)
Lapse date and time. A
lapse date is calculated for each initial financing statement (unless the
debtor is indicated to be a transmitting utility). The lapse date is the same
date of the same month as the filing date in the fifth year after the filing
date or relevant subsequent fifth anniversary thereof if a timely continuation
statement is filed, but if the initial financing statement indicates that it is
filed with respect to a public-finance transaction or a manufactured-home
transaction, the lapse date is the same date of the same month as the filing
date in the thirtieth year after the filing date. The lapse takes effect at
midnight at the end of the lapse date. The relevant anniversary for a February
29 filing date shall be March 1 in the fifth year following the year of the
filing date.
(6)
Errors of
the filing officer. The filing office may correct the errors of filing
officer personnel in the UCC information management system at any time. If the
correction is made after the filing officer has issued a UCC search report with
a certification date that includes the filing date of a corrected document, the
filing officer shall place a record relating to the relevant initial financing
statement in the UCC information management system stating the date of the
correction and explaining the nature of the corrective action taken. The record
shall be preserved for so long as the record of the initial financing statement
is preserved in the UCC information management system.
(7)
Errors other than filing office
errors. An error by a filer is the responsibility of such filer. It
can be corrected by filing an amendment or it can be disclosed by a correction
statement.
(8)
Data entry
of names-designated fields. A filing should designate whether a name
is that of an individual or an organization and, if an individual, also
designate the first, middle and last names and any suffix. With regard to
designated fields, the following shall apply.
a.
Organization names.
Organization names are entered into the UCC information management system
exactly as set forth in the UCC document, even if it appears that multiple
names are set forth in the document or if it appears that the name of an
individual has been included in the field designated for an organization
name.
b.
Individual
names. On the form that designates separate fields for first, middle,
and last names and any suffix, the filing officer enters the names into the
first, middle, and last name and suffix fields in the UCC information
management system exactly as set forth on the form.
c.
Designated fields
required. The filing office specifies in 30.1(9) the use of forms that
designate separate fields for individual and organization names and separate
fields for first, middle, and last names and any suffix. Such forms diminish
the possibility of filing office error and help ensure that filers'
expectations are met. However, filers should be aware that the inclusion of
names in an incorrect field or failures to transmit names accurately to the
filing office may cause filings to be ineffective. All documents submitted
through direct data entry or through XML will be required to use designated
name fields.
(9)
Data entry of names-no designated fields. A UCC document that
is an initial financing statement or an amendment that adds a debtor to a
financing statement and that fails to specify whether the debtor is an
individual or an organization will be refused by the filing office.
(10)
Verification of data
entry. The filing officer uses the following procedures to verify the
accuracy of data entry tasks. Double key entry is employed for data entered in
the following fields.
1. Time and date of
filing.
2. Document identification
number.
3. Document type.
4. Debtor name fields.
5. City address of debtor.
(11)
Initial financing
statement. A new record bearing the file number of the financing
statement and the date and time of filing is opened in the UCC information
management system for each initial financing statement.
a. The name and address of each debtor that
are legibly set forth in the financing statement are entered into the record of
the financing statement. Each debtor name and city are included in the
searchable index and not removed until one year after the financing statement
lapses.
b. The name and address of
each secured party that are legibly set forth in the financing statement are
entered into the record of the financing statement.
c. The record is indexed according to the
name of the debtor(s) and is maintained for public inspection.
d. A lapse date is established for the
financing statement and the lapse date is maintained as part of the record,
unless the initial financing statement indicates that it is filed against a
transmitting utility.
(12)
Amendment. A record is
created for the amendment that bears the file number for the amendment and the
date and time of filing.
a. The record of the
amendment is associated with the record of the related initial financing
statement in a manner that causes the amendment to be retrievable each time a
record of the financing statement is retrieved.
b. The name and address of each additional
debtor and secured party are entered into the UCC information management system
in the record of the financing statement. Each additional debtor name and city
are added to the searchable index and not removed until one year after the
financing statement lapses.
c. If
the amendment is a continuation, a new lapse date is established for the
financing statement and maintained as part of its record.
(13)
Correction statement. A
record is created for the correction statement that bears the file number for
the correction statement and the date and time of filing. The record of the
correction statement is associated with the record of the related initial
financing statement in a manner that causes the correction statement to be
retrievable each time a record of the financing statement is
retrieved.
(14)
Affidavit
of wrongful filing. Assessment is made, notices are sent, and records
determined to be wrongful are terminated and reinstated in accordance with Iowa
Code section 554.9513A.
(15)
Archives-general. This
subrule relates to the maintenance of inactive financing statements and the
ability of those archives to be searched.
a.
Paper UCC documents.
(1)
Storage. Paper UCC documents are scanned into the UCC information management
system.
(2) Retention. Paper is not
retained.
b.
Databases. The UCC information management system is backed up
every business day.
(16)
Archives-data retention. Data in the UCC information
management system relating to financing statements that have lapsed is retained
for at least five years from the date of lapse.
(17)
Archival searches.
Archival searches may be available through arrangements with the filing office
in its sole discretion.
(18)
Notice of bankruptcy. The filing officer takes no action upon
receipt of a notification, formal or informal, of a bankruptcy proceeding
involving a debtor named in the UCC information management system. Accordingly,
financing statements will lapse as scheduled unless properly
continued.
Notes
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