Mich. Admin. Code R. 440.306 - Initial financing statement
Rule 306. Upon the filing of an
(a) Each secured
party named on an initial financing statement shall be a secured party of
record, except that if the initial financing statement names an assignee, then
the secured party/assignor shall not be a secured party of record and the
secured party/assignee shall be a secured party of record.
(b) The status of a debtor named on the
initial financing statement shall be active and shall continue as active until
1 year after the financing statement lapses.
(c) The status of the financing statement
shall be active. A lapse date shall be calculated 5 years from the filing date,
unless the initial financing statement indicates that it is filed with respect
to a manufactured home transaction, in which case the lapse date shall be 30
years from the filing date, or if the initial financing statement indicates
that it is filed against a transmitting utility, then there shall be no lapse
date. A financing statement remains active until 1 year after it lapses, or, if
it is indicated to be filed against a transmitting utility, until 1 year after
it is terminated with respect to all secured parties of record.
Notes
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