18 NCAC 05B .0303          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)           Status of secured party.  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 secured party/assignor shall not be a secured party of record and the secured party/assignee shall be a secured party of record.

(2)           Status of debtor.  The status of a debtor named on the record shall be active and shall continue as active until one year after the financing statement lapses.

(3)           Status of financing statement.  The status of the financing statement shall be active.  A lapse date shall be calculated, five years from the file date, unless the initial financing statement indicates 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 if the initial financing statement indicates that it is filed against a transmitting utility, in which case there shall be no lapse date.  A financing statement shall remains active until one year after it lapses, or if it is indicated to be filed against a transmitting utility, until one year after it is terminated with respect to all secured parties of record.

History Note:        Authority G. S. 25-9-511(a); 25-9-514; 25-9-515; 25-9-519(g); 25-9-526;

Temporary Adoption Eff. July 2, 2001;

Eff. August 1, 2002;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. November 12, 2014.