US Uniform Commercial Code Article 9 Secured Transactions
Part 5: the filing system, the financing statement, lapse, continuation, termination and filing office duties – US Uniform Commercial Code Article 9 Secured Transactions

US Uniform Commercial Code Article 9 Secured Transactions 9-518-9-526-filing-office: Filing offices index records by debtor name, assign file numbers, respond to search requests within two business days, retain lapsed records for a year, and operate under filing-office rules; any person may file an information statement about a wrongly filed record

What does 9-518-9-526-filing-office require?

A person who believes a record was inaccurately or wrongfully filed may file an information statement (previously a correction statement) that does not affect the record's effectiveness (section 9-518). The filing office must assign a unique number, create an index by debtor name and, for real-property-related records, by real property, make records available for inspection, and maintain the index so that a search by debtor name will disclose the filing (section 9-519); it may refuse only for the section 9-516(b) grounds and must communicate the refusal and its reason within two business days (section 9-520); it must accept the uniform written form (section 9-521); it must keep a record for at least one year after lapse and keep the information retrievable (section 9-522); it must communicate search results, including the filing date, file number, names and addresses, within two business days of a request, and may sell or license copies of records (section 9-523); delay beyond the statutory period is excused for circumstances beyond its control (section 9-524); fees are as the State sets (section 9-525); and the office adopts filing-office rules consistent with Article 9 and the International Association of Commercial Administrators model (section 9-526). Secured parties and searchers rely on these standards when deciding whether a search is reliable.

Maintained by Gerard Blokdyk

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