Or. Admin. Code § 160-040-0306 - Initial Financing Statement

Upon the filing of an initial financing statement the status of the parties and the status of the financing statement shall be as follows.

(1) Status of secured party. Each secured party named on an initial financing statement shall be a secured party of record, except that if the UCC record names an assignee, the secured party/assignor shall not be a secured party of record and the secured party/assignee shall be a secured party of record.

(2) Status of debtor. Each debtor name provided by the initial financing statement shall be indexed in the UCC information management system so long as the financing statement is an Active Record.

(3) Status of financing statement. The financing statement shall be an Active Record. A lapse date shall be calculated, five years from the file date, unless (i) the initial financing statement indicates as provided in rule 0306(4) that it is filed with respect to a public-financing transaction in which case the lapse date shall be thirty years from the file date, or (ii) the initial financing statement indicates as provided in rule 0306(4) that it is filed against a transmitting utility, in which case there shall be no lapse date.

(4) Transmitting utility and public-finance transactions. The only means to indicate to the filing office that an initial financing statement is being filed in connection with a public-finance transaction, or that a financing statement is being or has been filed against a debtor that is a transmitting utility, to affect the filing office's determination of the lapse date under rule 0306(3) or 0307, is to so indicate by checking the appropriate box on a UCC1 initial financing statement.

Notes

Or. Admin. Code § 160-040-0306

CORP 2-2001, f. 7-9-01, cert. ef. 8-1-01; CORP 3-2001 f. 12-14-01 cert. ef. 1-1-02; CORP 4-2008, f. 7-15-08, cert. ef. 8-1-08; CORP 1-2013, f. 7-31-13, cert. ef. 8-1-13

Stat. Auth.: ORS 79.0526

Stats. Implemented: ORS 79.0519