Md. Code Regs. 18.14.01.02

Current through Register Vol. 51, No. 22, November 1, 2024

Section 18.14.01.02 - Definitions

A. In this subtitle, the following terms have the meanings indicated.

B. Terms Defined.

(1) Amendment.

(a) "Amendment" means a UCC record that amends the information contained in a financing statement.

(b) "Amendment" includes assignments, continuations, and terminations.

(2) "Assignment" means an amendment that assigns all or a part of a secured party's power to authorize an amendment to a financing statement.

(3) "Continuation statement" has the meaning stated in Commercial Law Article, § 9-102(27), Annotated Code of Maryland.

(4) "Correction statement" means a record filed under Commercial Law Article, § 9-518, Annotated Code of Maryland, indicating that a financing statement is inaccurate or wrongfully filed.

(5) "File number" has the meaning stated in Commercial Law Article, §§ 9-102(36) and 9-519(a), Annotated Code of Maryland.

(6) "Filing office" means the State Department of Assessments and Taxation.

(7) "Filing office correction statement" means a statement of correction entered into the filing office's information system to correct an error by the filing office.

(8) "Financing statement" has the meaning stated in Commercial Law Article, § 9-102(39), Annotated Code of Maryland.

(9) "Individual" means a human being, or a decedent in the case of a debtor that is the decedent's estate.

(10) "Initial financing statement" means a UCC record containing the information required to be in an initial financing statement and that causes the filing office to establish the initial record of existence of a financing statement.

(11) "Lapse date" means the date on which the effectiveness of a financing statement lapses under Commercial Law Article, § 9-515, Annotated Code of Maryland.

(12) "Organization" means a legal person who is not an individual.

(13) "Record" means an initial financing statement, an amendment, an assignment, a continuation statement, a termination statement, or a correction statement.

(14) Remitter.

(a) "Remitter" means a person who tenders a UCC record to the filing office for filing, whether the person is a filer or an agent of a filer responsible for tendering the record for filing.

(b) "Remitter" includes a service provider who acts as a filer's representative in the filing process.

(c) "Remitter" does not include a person responsible merely for the delivery of the record to the filing office, such as the postal service or a courier service.

(15) "Secured party of record" has the meaning stated in Commercial Law Article, § 9-511, Annotated Code of Maryland.

(16) "Termination statement" has the meaning stated in Commercial Law Article, §§ 9-102(79) and 9-513, Annotated Code of Maryland.

(17) "UCC " means the Maryland Uniform Commercial Code.

Md. Code Regs. 18.14.01.02