S.C. Code Regs. § 12-501.10

Current through Register Vol. 48, No. 5, May 24, 2024

Section 12-501.10 - Uniform Commercial Code Financing Statements

A. Description: Original papers recording liens on personal property under the Uniform Commercial Code adopted for South Carolina as of January 1968. These replace chattel mortgages. Information includes file number, debtor's name and address, secured party, filing date, time, number, and officer, types of property covered, signature of party and signature of clerk.

B. Retention:

(1) Financing statements where transmitting utility is the debtor: 1 year after termination statement has been filed, then destroy. If a microfilm or other photographic record of the financing statement and any related statements (continuation, assignment, release) exist, originals may be destroyed immediately after receipt of termination statement. Microfilm or other photographic records may then be destroyed one year after termination statement has been filed.

(2) Other financing statements: 1 year after statement has lapsed or termination statement has been filed, then destroy. If a microfilm or other photographic record of the financing statement and any related statements (continuation, assignment, release) exist, originals may be destroyed immediately after statement has lapsed or after receipt of termination statement. Microfilm or other photographic records may then be destroyed one year after statement has lapsed or termination statement has been filed.

S.C. Code Regs. 12-501.10

Added by State Register Volume 16, Issue No. 6, eff June 26, 1992; Amended by State Register Volume 26, Issue No. 4, eff April 26, 2002.