52 Pa. Code § 74.6 - Intangible transition property notice filing; duration; lapses; filing officer
(a)
What constitutes a filing. Presentation of an intangible
transition property notice and tender of the filing or processing fee, and
acceptance of the intangible transition property notice by the filing officer
by indication of a file number and filing date on the intangible transition
property notice, will constitute a filing under the act and this chapter.
Nothing in the act or this chapter precludes the filing officer from refusing
to accept for filing an intangible transition property notice not complying
with this chapter.
(b)
Purposes of filing. An intangible transition property notice
shall be filed to perfect the security interest of a financing party in
intangible transition property. An intangible transition property notice shall
also be filed in respect of each transfer to an assignee of an interest in
intangible transition property.
(c)
Duration of effectiveness of filing in general. An intangible
transition property notice filed to perfect the security interest of a
financing party will be effective for 12 years from the filing date. An
intangible transition property notice filed to perfect the security interest of
a financing party lapses on the expiration of the 12-year period unless a
continuation notice is filed prior to the lapse. An intangible transition
property notice filed to record the transfer to an assignee of intangible
transition property is continuously effective.
(d)
Lapse. Upon lapse, the
security interest becomes unperfected and is deemed to have been unperfected as
against a person who became a purchaser or lien creditor before the
lapse.
(e)
Continuation
notice. A continuation notice shall be filed by a financing party no
earlier than 6 months prior to the expiration of the 12-year period specified
in subsection (c). A continuation notice shall be signed by the financing
party, identify the original notice by file number and state that the original
intangible transition property notice is still effective. A continuation notice
signed by a person other than the financing party of record shall be
accompanied by a separate written statement of assignment of the security
interest signed by the financing party of record and comply with this chapter,
including payment of the required fees. Upon timely filing of the continuation
notice, the effectiveness of the original notice is continued for 12 years
after the last date to which the filing was effective whereupon it lapses in
the same manner as provided in subsection (d) unless another continuation
notice is filed prior to a lapse. Succeeding continuation notices may be filed
in the same manner to continue the effectiveness of the original notice.
(1) Unless a statute on disposition of public
records provides otherwise, the filing officer may remove a lapsed notice from
the files and destroy it if he has retained a microfilm or other photographic
record or, in other cases, 1 year after the lapse.
(2) The filing officer will manage the
intangible transition property notice filings to retain a filing that is
continued beyond the 12-year limitation.
(f)
Establishment and duties of
filing officer.
(1) The Commission
will establish and appoint a filing officer to maintain the records and to take
other necessary action. The filing officer will place copies of filings made
under this chapter in the appropriate dockets for future reference and manage
the filings.
(2) The filing officer
will also mark each intangible transition property notice and each subsequent
related filing with a consecutive file number and with the date and time of
filing and will hold the intangible transition property notice and each
subsequent related filing or microfilm or other photographic or electronic copy
thereof for public inspection. Consecutive file numbers for intangible
transition property notices and subsequent related notices filed in each
calendar year will begin with the number one preceded by the last two digits of
the calendar year in which the filing occurs. In addition, the filing officer
will index the intangible transition property notices according to the name of
the grantor or assignor and will mark in the index the file number and the
address of the grantor or assignor.
(g)
Legible papers. The
duties of the filing officer prescribed in this chapter relate only to clearly
legible papers submitted to the filing officer. The filing officer will accept
only clearly legible papers. No intangible transition property notice or other
related notice will be accepted unless it is typed or printed in black ink and,
in the determination of the filing officer, can be interpreted or reproduced
using the technology employed by the Commission.
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