R 440.410 Initial financing statement record.

Rule 410. (1) For each initial financing statement, a new record is opened in the UCC information management system that bears the file number of the financing statement and the date and time of filing. (2) The name and address of each debtor that are legibly set forth in the financing statement are entered into the record of the initial financing statement. Each debtor name entered into the record of the initial financing statement is included in the searchable index and is not removed until 1 year after the financing statement lapses. Debtor addresses may be included in the searchable index to the extent the filing office offers or intends to offer limited searches or limited copy requests as provided in R 440.504. (3) The name and address of each secured party that are legibly set forth in the financing statement are entered into the record of the initial financing statement. (4) The record of the initial financing statement is indexed according to the name of the debtor or debtors and is maintained for public inspection as provided in these rules. (5) Unless the initial financing statement indicates it is filed against a transmitting utility, a lapse date is established for the financing statement, and the lapse date is maintained as part of the record of the initial financing statement.