S.D. Admin. R. 5:04:04:14

Current through Register Vol. 51, page 51, October 21, 2024

Section 5:04:04:14 - UCC information management system - Primary data elements

The primary data elements used in the UCC information management system are the following:

(1) Identification number. Each initial financing statement is identified by its file number as described in rule SDCL subdivision 57A-9-519(a). Identification of the initial financing statement is stamped on a written UCC record or otherwise permanently associated with the record maintained for UCC records in the UCC information management system. A record is created in the information management system for each initial financing statement and all information comprising the UCC record is maintained in the system. Each UCC record is identified by the same information assigned to the initial financing statement as described in SDCL subdivision 57A-9-519(c);

(2) Type of record. The type of UCC record from which data is transferred is identified in the information management system from information supplied by the remitter;

(3) Filing date and filing time. The filing date and filing time of the UCC record is stored in the information management system;

(4) Identification of parties. Name and address of each debtor and secured party is transferred from UCC records to the UCC information management system using one or more data entry or transmittal techniques;

(5) Status of financing statement. In the information management system, each financing statement has a status of active or inactive;

(6) Page count. The total number of pages in a UCC record is maintained in the information management system; and

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

S.D. Admin. R. 5:04:04:14

42 SDR 177, effective 6/30/2016

General Authority: SDCL 57A-9-526.

Law Implemented: SDCL 57A-9-525.2.