Section R154-2-306 - Initial Financing StatementUpon the filing of an initial financing statement the status of the parties and the status of the financing statement shall be as follows:
(1) Each secured party named on an initial financing statement shall be a secured party of record, except that if the UCC record names an assignee, the assignor secured party shall not be a secured party of record and the assignee secured party shall be a secured party of record.(2) Each debtor name provided by 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), Subsection 70A-9a-519(7).(3)(a) A lapse date shall be calculated, five years from the file date, unless: (i) the initial financing statement states as provided in Subsection R154-2-101(4) that it is filed with respect to a public-financing transaction or a manufactured-home transaction, in which case the lapse date shall be 30 years from the file date; or(ii) the initial financing statement states as provided in Subsection R154-2-101(4) that it is filed against a transmitting utility, in which case there shall be no lapse date.(b) The lapse date for a financing statement filed on February 29 shall be the March 1 in the fifth year following the year of the filing date.Utah Admin. Code R154-2-306
Amended by Utah State Bulletin Number 2022-19, effective 9/21/2022