8 Colo. Code Regs. § 1505-7-3
Current through Register Vol. 47, No. 22, November 25, 2024
Rule 8 CCR 1505-7-3 - Secured Transactions Information Management System3.1 General. The Secretary of State uses an information management system to store, index, and retrieve information relating to secured transaction records. The information management system includes an index of the names of debtors/owners named on secured transaction records. The following rules describe the secured transactions information management system:3.2 Primary data elements. The primary data elements used in the secured transactions information management system are the following: 3.2.1 Identification numbers. (a) Each secured transaction record is identified by a unique file number. The file number is permanently inscribed on the record image generated by the secured transactions information management system and is permanently associated with each secured transaction record that is stored and maintained in the secured transactions information management system. When a record is initially filed, a master record is created.(b) An amendment or a correction to a secured transaction master record is linked to the related master record in the secured transactions information management system.3.2.2 Type of record. The type of secured transaction record is identified in the secured transactions information management system.3.2.3 Filing date and filing time. The filing date and time are the date and time the record is filed in the secured transactions information management system. The filing date and time of a secured transaction record are stored in the secured transactions information management system and are noted on the image of a secured transaction record.3.2.4 Identification of parties. The names and addresses of all parties, as provided by the filer, are stored and maintained in the secured transactions information management system.3.2.5 Status of secured transaction record. Each master record has a status of unlapsed or lapsed.3.2.6 Page count. The total number of pages in a secured transaction record is indicated on the image of the secured transaction record.3.2.7 Lapse indicator. If a secured transaction record has a limited period of effectiveness, the system will calculate and maintain the lapse date of the record. The lapse date is determined as provided in Rule 4.3 . The lapse date is indicated in the electronic searching application and stored in the secured transactions information management system.3.3 Names of individuals. This rule applies to the name of a debtor, an owner, a claimant, or a secured party provided on a secured transaction record who is an individual. 3.3.1 Individual name fields. The secured transactions information management system will provide separate fields for the first, middle, and last names of individuals. A filer should place the name of a debtor with a single name (e.g., "Cher") in the last name field. All individual name information will be recorded in the secured transactions information management system exactly as the data was entered in the electronic filing application or as transmitted by the system-to-system transfer method.3.3.2 Individual names- truncation. Individual name fields are fixed in length. The application will truncate names longer than the allowed fixed length. The lengths of the corresponding fields available in the electronic filing application and the system-to-system transfer method are as follows: (a) First name: 255 characters.(b) Middle name: 255 characters.(c) Last name: 255 characters.(d) Suffix: The secured transactions information management system will only accept the following suffixes: Jr., Sr., II, III, IV, V, VI, VII, VIII, IX, and X.3.4 Names of organizations. This rule applies to the name of an organization that is a debtor, an owner, a claimant, or a secured party provided on a secured transaction record. 3.4.1 Single field. The secured transactions information management system will provide a single field for an organization name.3.4.2 Organization names- truncation. The organization name field is fixed in length. The application will truncate names longer than the allowed fixed length. The length of the corresponding fields available in the electronic filing application and the system-to-system transfer method is 255 characters.3.5 Estates. The electronic filing application will provide a method to indicate, separate from the identification of the debtor, that a personal representative of a decedent is administering the collateral.3.6 Trusts other than registered organizations. The electronic filing application will provide a method to indicate, separate from the identification of the debtor, that the collateral is held in trust and to include, if applicable, additional information to distinguish the trust from other trusts having one or more of the same settlors or the same testator.3.7 Record opening document. Upon the filing of a record opening document, a master record is created with an unlapsed status. The status of the master record and the status of the following parties are recorded in the secured transactions information management system and retained in accordance with Rule 4.14:3.7.1 Status of secured party. Each secured party named on an initial financing statement or EFS is recorded.3.7.2 Status of claimant. Each claimant named on a notice of lien is recorded. Each claimant identified in a notice will be maintained in the secured transactions information management system as if the claimant were a secured party of record.3.7.3 Status of assignee and assignor. If a record opening document includes an assignment, the assignee and the assignor will each be indexed as a secured party of record.3.7.4 Status of debtor. A debtor named on an initial financing statement or EFS is recorded.3.7.5 Status of owner. An owner named on a notice of lien is recorded. Each owner identified in a notice will be maintained in the secured transactions information management system as if the owner were a debtor.3.8 Amendment. Upon the filing of an amendment, the status of the parties and the status of the secured transaction record will be as follows: 3.8.1 Status of secured party and debtor. An amendment will affect the status of the names of the debtor and the secured party in the related master record as follows: (a) Collateral amendment or address change. An amendment that amends only the collateral description or one or more addresses will not affect the status of any debtor or secured party.(b) Debtor name change. An amendment that changes a debtor's name will not affect the status of any other debtor or any secured party, except that the related initial financing statement or EFS and all UCC records that include an identification of such initial financing statement will be cross-indexed in the secured transactions information management system so that a search under either the debtor's old name or the debtor's new name will reveal the initial financing statement or EFS and any related records.(c) Secured party name change. An amendment that changes the name of a secured party will not affect the status of any debtor or any other secured party, but the new name will be added to the secured transactions information management system as if it were a new secured party of record.(d) Addition of a debtor. An amendment that adds a new debtor name will not affect the status of any other debtor or any secured party, except the new debtor name will be added to the secured transactions information management system as a new debtor.(e) Addition of a secured party. An amendment that adds a new secured party will not affect the status of any debtor or other secured party, except that the new secured party name will be added to the secured transactions information management system as a new secured party of record.(f) Deletion of a debtor. An amendment that deletes a debtor will not affect a debtor or secured party stored in the secured transactions information management system.(g) Deletion of a secured party. An amendment that deletes a secured party of record will not affect a debtor or secured party stored in the secured transactions information management system.3.8.2 Status of claimant and owner. A notice of amendment affects the status of a claimant or owner in the same manner as an amendment filed in accordance with Rule 3.8.1.3.8.3 Status of master record. An amendment will not affect the status of the master record, except as provided in Rules 3.10 and 3.11.3.9 Assignment of powers of secured party of record.3.9.1 Status of the parties. An assignment will not affect the status of the parties to the financing statement, except that each assignee named in the assignment will become a secured party of record.3.9.2 Status of master record. An assignment will not affect the status of the master record.3.10 Continuation. 3.10.1 Continuation of lapse date. Upon the timely filing of one or more continuations, the lapse date of the master record will be extended by the appropriate period in accordance with the applicable substantive statute.3.10.2 Status of parties. The filing of a continuation will not affect the status of any party included in the master record.3.10.3 Status of master record. Upon the filing of a continuation, the status of the master record will remain unlapsed.3.11 Termination.3.11.1 Status of parties. The filing of a termination will not affect the status of any party included in a master record.3.11.2 Status of UCC master record. A termination will not affect the status of the master record. If the termination relates to a financing statement filed against a transmitting utility, then the master record will lapse upon the filing of the termination statement with respect to all secured parties of record.3.11.3 Status of EFS. A termination or an amendment that purports to remove EFS master list notification will cause the EFS identified in the termination or amendment and any related EFS amendments to be removed from the master lists published and distributed by the Secretary of State after the termination. An amendment that removes EFS master list notification will not affect the status or otherwise impair the perfection of any security interest perfected by the EFS for purposes of Article 9 of Title 4, C.R.S.3.11.4 Status of notice of lien. A notice of amendment that purports to terminate a notice of lien will cause the notice of lien to lapse.3.12 Information statement. 3.12.1 Status of parties. Filing an information statement will not affect the status of any party to the financing statement.3.12.2 Status of financing statement. An information statement will not affect the status of the financing statement.3.13 Procedure upon lapse. If there is no timely filing of a continuation statement in accordance with Rule 4.3, a master record lapses. The Secretary of State will retain all lapsed secured transaction records in accordance with Rule 4.14.3.14 The secured transactions information management system will only support ASCII characters 32-126. Information regarding ASCII characters 32-126 is available upon request and on the Secretary of State's website.3.15 Electronic Procedures. 3.15.1 Direct electronic filing and searching services. The secured transactions information management system will include an electronic filing application and an electronic searching application that are available to any person with Internet access. Instructions on how to file and conduct searches are available on the Secretary of State's website.3.15.2 Filing procedures. All secured transaction records will be communicated to the Secretary of State for filing by the electronic filing application or by utilizing the system-to-system transfer method authorized by the Secretary of State. Instructions on how to file are available on the Secretary of State's website.