Section 436-3-306 - Initial financing statementUpon the filing of an initial financing statement the status of the parties and the status of the financing statement will be as follows.
306.1 Status of secured party. Each secured party named on an initial financing statement will be a secured party of record, except that if the UCC record names an assignee, the secured party/assignor will not be a secured party of record and the secured party/assignee will be a secured party of record.306.2 Status of debtor. Each debtor name provided by the initial financing statement will be indexed in the UCC information management system and will remain on the record until removed in accordance with UCC §9-519(g)306.3 Status of financing statement. The financing statement will be stored and indexed in the searchable index within the UCC information management system. A lapse date will be calculated, five years from the file date, unless (i) the initial financing statement indicates as provided in rule 101.8 that it is filed with respect to a public-financing transaction or a manufactured-home transaction, in which case the lapse date will be thirty years from the file date, or (ii) if the initial financing statement indicates as provided in rule 101.8 that it is filed against a transmitting utility, in which case there will be no lapse date. The lapse date for a financing statement filed on February 29 will be the March 1 in the fifth year following the year of the filing date.436 Neb. Admin. Code, ch. 3, § 306