Status of Parties upon Filing a Termination

PURPOSE: This rule provides for the status of parties upon filing a termination. (1) The filing of a termination shall not affect the status of any party to the financing statement. (2) A termination shall not affect the status of the financing statement. The financing statement shall remain active in the information management system until one (1) year after it lapses. If the termination relates to a financing statement against a transmitting utility, the financing statement shall become inactive 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.