111-11-42 Procedure upon lapse.

If there is no timely filing of a continuation with respect to a financing statement, the financing statement lapses on its lapse date but no action is then taken by the filing office. On the first anniversary of such lapse date, the information management system renders or is caused to render the financing statement inactive and the financing statement will no longer be made available to a searcher unless inactive statements are requested by the searcher and the financing statement is still retrievable by the information management system.

HISTORY: Eff 7-3-01 (Emer.); 9-20-01

Rule promulgated under: RC 119.03

Rule authorized by: RC 1309.526

Rule amplifies: RC 1309.515, 1309.519

RC 119.032 Review Dates: 9/20/06