100 R.I. Code R. 100-RICR-30-00-1.14

Current through December 3, 2024

Section 100-RICR-30-00-1.14 - UCC Information Management System

A. Primary Data Elements. The filing officer uses the UCC information management system to store, index, and retrieve information relating to financing statements. The primary data elements used in the UCC information management system are the following:

1. Initial Financing Statement; File Number. Each initial financing statement is identified by its file number as described in § 1.2(A)(6) of this Part. A file number for the initial financing statement is permanently associated with the record maintained in the UCC information management system. A record is created and maintained in the UCC information management system for each initial financing statement and all information comprising such UCC record is maintained in the system.

2. Other File Numbers. A UCC record other than an initial financing statement is identified by a unique file number assigned by the filing officer. In the UCC information management system, UCC records other than initial financing statements are linked to the record of the related initial financing statement. The sequence of the identification number is not an indication of the order in which the record was received.

3. Type of UCC Record. The type of UCC record from which data is transferred is identified in the UCC information management system from information supplied by a filer.

4. Filing Date; Filing Time. The filing date and filing time of UCC records are stored in the UCC information management system. Calculation of the lapse date of an initial financing statement is based upon the filing date.

5. Names and Addresses of Debtors and Secured Parties. The names and addresses of debtors and secured parties are entered from initial financing statements and records into the UCC information management system in an acceptable character set. The acceptable character set shall be the extended American Standard Code for Information Interchange (ASCII) character set (i.e., Windows-1252). When extended ASCII characters are presented in a name on a financing statement, they shall be accepted and indexed exactly as presented.

6. Total Page Count. The total number of pages in a UCC record is maintained in the UCC information management system.

7. Lapse Indicator. An indicator is maintained by which the UCC information management system identifies whether or not a financing statement will lapse and, if it does, when it will lapse.

B. Names of Debtors who are Individuals. This section applies to the name of an individual that is a debtor or a secured party on a UCC record:

1. Individual Name Fields. The names of individuals are stored in a field that includes only the names of individuals, and not the names of organizations. Separate data entry fields are established for first personal, surname and additional names (initials) of individuals. A filer should place the name of a debtor with a single name (e.g., "Cher") in the surname name field. The filing officer assumes no responsibility for the accurate designation of the components of a name but will enter the data in accordance with the filer's designations and exactly as provided by the filer.

2. Titles and Prefixes before Names. Titles and prefixes, such as "Doctor," "Reverend," "Mr.," and "Ms.," should not be entered in the UCC information management system. However, § 1.14(B)(1) of this Part provides that when a UCC record is submitted with designated name fields, the data will be entered in the UCC information management system exactly as it appears.

3. Titles and Suffixes after Names. Titles or indications of status such as "M.D." and "Esquire" are not part of an individual's name and should not be provided by filers in UCC records. Suffixes that indicate which individual is being named, such as "Senior," "Junior," "I", "II," and "III," are appropriate. In either case, as provided in § 1.14(B)(1) of this Part, they will be entered into the information management system exactly as received.

4. Truncation; Individual Names. Personal name fields in the UCC information management system are fixed in length. Although filers should continue to provide full names on their UCC records, a name that exceeds the fixed length is entered as presented to the filing office, up to the maximum length of the data entry field. The length of data entry name fields are as follows:

a. First personal name: 25 characters.

b. Surname: 35 characters.

c. Additional names (initials) 25 characters.

d. Suffix: 10 characters.

C. Names of Debtors that are Organizations. This section applies to the name of an organization that is a debtor or a secured party on a UCC record.

1. Single Field. The names of organizations are stored in a single field that includes only the names of organizations and not the names of individuals.

2. Truncation; Organization Names. The organization name field in the UCC database is fixed in length. The maximum length is 175 characters. Although filers should continue to provide full names on their UCC records, a name that exceeds the fixed length is entered as presented to the filing office, up to the maximum length of the data entry field.

D. Estates. Although they are not human beings, estates are treated as if the decedent were the debtor under § 1.14(B) of this Part.

E. Trusts. If the trust is named in its organic document(s), its full legal name, as set forth in such document(s), is used. If the trust is not so named, the name of the trust's settlor is used. If a settlor is indicated to be an organization, the name is treated as an organization name. If the settlor is an individual, the name is treated as an individual name. A UCC record that uses a settlor's name should include other information provided by the filer to distinguish the debtor trust from other trusts, having the same settlor and all UCC records filed against trusts or trustees acting with respect to property held in trust should indicate the nature of the debtor. If this is done in, or as part of, the name of the debtor, it will be entered as if it were a part of the name.

F. Initial Financing Statement. Upon the filing of an initial financing statement, it is indexed in the UCC information management system with a unique file number and the date and time of filing. The status of the parties and the status of financing statement shall be as follows:

1. Status of the Secured Party. Each secured party legibly 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.

2. Status of Debtor. Each debtor name legibly provided in the initial financing statement shall be indexed in the UCC information management system and shall remain on the record in accordance with UCC Section 9-519(g).

3. Status of Financing Statement. A lapse date shall be calculated, five years from the file date, unless the initial financing statement indicates 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 the initial financing statement indicates that it is filed against a transmitting utility, in which case there shall be no lapse date. The lapse date for a financing statement filed on February 29 shall be March 1 in the fifth or 30th year following the year of the filing date.

G. Amendments. Upon the filing of an amendment, the status of the parties shall be unchanged, except that in the case of an amendment that adds a debtor or a secured party, the new debtor or secured party shall be added to the appropriate index and become associated with the record of the financing statement in the UCC information management system, and an amendment that designates an assignee shall cause the assignee to be added as a secured party of record with respect to the affected financing statement in the UCC information management system. Notwithstanding the filing of an amendment that deletes a debtor or a secured party from a financing statement, no debtor or secured party of record is deleted from the UCC information management system. A deleted secured party will still be treated by the filing office as a secured party of record as the filing office cannot verify the effectiveness of an amendment. Except in the case of a continuation statement, the filing of an amendment does not affect the status of the financing statement.

H. Continuation. Upon the timely filing of one or more continuation statements by any secured party of record, the lapse date shall be postponed for five years. The lapse date is postponed once notwithstanding the fact that more than one continuation statement is filed within a given 6-month period prior to a lapse date.

I. Termination. The filing of a termination statement shall have no effect upon the status of any party to the financing statement or upon the status of the financing statement. The financing statement shall remain active in the UCC information management system until one year after it lapses, unless the termination relates to a financing statement that indicates it is filed against a transmitting utility, in which case the financing statement will become inactive one (1) year after it is terminated with respect to all secured parties of record.

J. Information Statement. The filing of an information statement shall have no effect upon the status of any party to the financing statement, the status of the financing statement or the information maintained in the UCC information management system.

K. Filing Office Statement. A filing office statement affects the status of parties and of the relevant financing statement as provided in the corrective action described as having been taken in the filing office statement.

L. 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.

M. Removal of Record. A financing statement must remain in the searchable index within the UCC information management system until at least one year after it lapses. On or after the first anniversary of such lapse, the financing statement and all related UCC records may be removed from the Searchable Indexes or from the UCC information management system.

1. Transmitting Utilities. A financing statement that indicates a debtor is a transmitting utility must remain in the searchable index within the UCC information management system until at least one year after it is terminated with respect to all secured parties of record. On or after the first anniversary of the termination date of the last remaining secured party of record, the financing statement may be removed from its searchable index or from the UCC information management system.

N. Archives. Lapsed financing statements that exceed their lapse date by more than a year are searchable by utilizing the lapsed filing search in the UCC information management system.

100 R.I. Code R. 100-RICR-30-00-1.14

Adopted effective 1/1/2019