Ala. Admin. Code r. 820-4-3-.03

Current through Register Vol. 43, No. 1, October 31, 2024

Section 820-4-3-.03 - U.C.C. Information Management System

(1) The filing office shall act on any UCC record filed with the filing office by adding information obtained from the UCC record to the information system. The filing office shall not act on any UCC record by deleting any information from the information system. An amendment shall have no effect upon the status of the financing statement or parties, except that a continuation may extend the period of effectiveness of a financing statement.

(2) The filing office may remove the UCC record and delete the names under which it was indexed one year after lapse.

(3) A financing statement filed against a transmitting utility shall lapse when terminated by the last secured party of record.

Author: Charles E. Grainger, Jr.

Ala. Admin. Code r. 820-4-3-.03

New Rule: Filed February 7, 2002; effective March 14, 2002.

Statutory Authority:Code of Ala. 1975, § 7-9A-526.