Mich. Admin. Code R. 440.310

Current through Vol. 24-10, June 15, 2024

Section R. 440.310 - Termination statement

Rule 310.

(1) The filing of a termination shall have no effect upon the status of any party to the financing statement.

(2) The filing of a termination shall have no effect upon the status of the financing statement and, except as provided in subrule (3) of this rule, the financing statement shall remain active in the UCC information management system until 1 year after it lapses.

(3) If the termination relates to a financing statement that indicates it is filed against a transmitting utility, then the financing statement shall become inactive 1 year after it is terminated with respect to all secured parties of record.

Mich. Admin. Code R. 440.310

2002 MR 21, Eff. Nov. 20, 2002