Status of Parties upon Filing Initial Financing Statement

PURPOSE: This rule provides the status of parties upon filing initial financing statement. (1) Each financing statement has a status of active or inactive denoted in the information management system. Active Uniform Commercial Code (UCC) records include all unlapsed records and all lapsed records that have not reached the one (1)-year anniversary of their lapse date. Inactive filings include all lapsed filings that have reached the one (1)- year anniversary of their lapse dates. 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 if the UCC record names an assignee, the assignor shall not be a secured party of record and the assignee shall be the secured party of record; (B) The status of a debtor named on the record shall be active and shall continue as active until one (1) year after the financing statement lapses; (C) The status of the financing statement shall be active and shall continue as active until one (1) year after its lapse date. A lapse date shall be calculated, five (5) years from the file date of initial financing statement; (D) If the initial financing statement is filed with respect to a public financing transaction or a manufactured-home transaction, the lapse date shall be thirty (30) years from the file date; and (E) If the initial financing statement is filed with respect to a transmitting utility, there shall be no lapse date and the financing statement remains active until one (1) year after it is terminated with respect to all secured parties of record. AUTHORITY: section 400.9-526, RSMo Supp. 2001.* Original rule filed Sept. 30, 2002, effective March 30, 2003. *Original authority: 400.9-526, RSMo 2001.