Section 1360-08-03-.07 - 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) Status of Secured Party. 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 secured party/assignor shall not be a secured party of record and the secured party/assignee shall be a secured party of record.(2) Status of Debtor. Each debtor name provided by the initial financing statement shall be indexed in the UCC information management system so long as the financing statement is an active record.(3) Status of Financing Statement. The financing statement shall be an active record. A lapse date shall be calculated five years from the file date, unless: (a) The initial financing statement indicates as provided in Rule 1360-08-01-.02(h) that it is filed with respect to a public-financing transaction or a manufactured-home transaction, in which case the lapse date shall be thirty (30) years from the file date; or(b) The initial financing statement indicates as provided in Rule 1360-08-01-.02(h) that it is filed against a transmitting utility, in which case there shall be no lapse date. For system purposes, no lapse date is designated as 12/31/9999.Tenn. Comp. R. & Regs. 1360-08-03-.07
Original rule filed October 23, 2000; effective January 6, 2001. Repeal and new rule filed March 19, 2013; effective June 17, 2013.Authority: T.C.A. §§ 4-5-202, 4-5-204, 47-9-511, 47-9-514(a), 47-9-515, 47-9-519, 47-9-522(a), and 47-9-526 and 2012 Tenn. Pub. Acts Ch. 708.