R 440.306 Initial financing statement.

Rule 306. Upon the filing of an initial financing statement, the status of the parties and the status of the financing statement shall be as follows: (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.