Utah Admin. Code R154-2-306 - 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) 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 assignor secured party shall not
be a secured party of record and the assignee secured party shall be a secured
party of record.
(2) Each debtor
name provided by the initial financing statement shall be indexed in the UCC
information management system and shall remain on the record in accordance with
UCC Section 9-519(g), Subsection
70A-9a-519(7).
(3)
(a) A
lapse date shall be calculated, five years from the file date, unless:
(i) the initial financing statement states as
provided in Subsection
R154-2-101(4)
that it is filed with respect to a public-financing transaction or a
manufactured-home transaction, in which case the lapse date shall be 30 years
from the file date; or
(ii) the
initial financing statement states as provided in Subsection
R154-2-101(4)
that it is filed against a transmitting utility, in which case there shall be
no lapse date.
(b) The
lapse date for a financing statement filed on February 29 shall be the March 1
in the fifth year following the year of the filing date.
Notes
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