111-11-36 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.

(A) 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.

(B) Status of debtor. Each debtor name provided by the financing statement shall be indexed in the UCC information management system so long as the financing statement is an active record.

(C) Status of financing statement. The status of the financing statement shall be an Active Record. A lapse date shall be calculated, five years from the file date, unless (1) the initial financing statement indicates as provided in rule 111-11-02 of the Administrative Code that it is filed with respect to a public-financing transaction or a manufactured-home transaction, in which case the lapse date shall be thirty years from the file date, or (2) the initial financing statement indicates as provided in rule 111-11-08 of the Administrative Code that it is filed against a transmitting utility, in which case there shall be no lapse date.

Effective: 01/07/2011
R.C. 119.032 review dates: 10/21/2010 and 07/15/2015
Promulgated Under: 119.03
Statutory Authority: 1309.526
Rule Amplifies: 1309.519
Prior Effective Dates: 7/3/01 (Emer.), 9/20/01.