Title 030 | Chapter 005 | Regulation 041
PREVIOUS VERSION
The previous document that this document is based upon is available.
30 KAR 5:041.UCC Information management system.
Section 1.
The filing office shall use an information management system to store, index, and retrieve information relating to financing statements.Section 2.
(1)
Individual debtor names shall be stored in data files that include only the individual debtor names, and not organization debtor names. Separate data entry fields shall be established for surnames, first personal names, and additional names or initials and suffixes.(2)
The filing office shall enter a name into the corresponding data entry field of the UCC information management system exactly as it appears on a UCC record.(3)
Individual name fields in the UCC information management system shall be fixed to fifty (50) characters in length by the filing office. A name that exceeds the fixed length shall be truncated after it exceeds the maximum length of the data entry field.Section 3.
(1)
Upon the filing of an amendment, the names of the parties indexed in the UCC information management system shall remain unchanged, except that in the case of an amendment that adds a debtor or a secured party, the new debtor or new secured party shall be added to the appropriate index and associated with the record of the financing statement in the UCC information management system. An amendment that designates an assignee shall cause the assignee to be added as a secured party of record with respect to the affected financing statement in the UCC information management system. The filing of an amendment that deletes a debtor or a secured party from a financing statement shall not delete data from the UCC information management system.(2)
Except in the case of a continuation statement, the filing of an amendment shall not affect the period of effectiveness of the financing statement.Section 4.
The filing of a termination statement shall not cause an active record to be removed from the searchable index.Section 5.
An information statement may be filed prior to the lapse of the financing statement to which it relates but shall not have an effect upon the information indexed in the UCC information management system.Section 6.
A filing office statement shall affect the indexing of parties and of the relevant financing statement as provided in the corrective action described in the filing office statement.Section 7.
If no timely filing of a continuation statement is filed, a financing statement lapses on its lapse date but shall remain indexed as an active record for one (1) year, after which the filing office shall remove the financing statement and all related UCC records from the searchable index. Upon the removal from the searchable index, the removed UCC records shall cease to be active records.HISTORY: (48 Ky.R. 1968, 2378; eff. 5-31-2022.)
FILED WITH LRC: February 7, 2022
CONTACT PERSON: Michael R. Wilson, Director, Office of Business, 700 Capital Avenue, State Capitol, Suite 152, Frankfort, Kentucky 40601, phone (502) 782-7422, fax (502) 564-5687, email michael.wilson@ky.gov.
30 KAR 5:041.UCC Information management system.
Section 1.
The filing office shall use an information management system to store, index, and retrieve information relating to financing statements.Section 2.
(1)
Individual debtor names shall be stored in data files that include only the individual debtor names, and not organization debtor names. Separate data entry fields shall be established for surnames, first personal names, and additional names or initials and suffixes.(2)
The filing office shall enter a name into the corresponding data entry field of the UCC information management system exactly as it appears on a UCC record.(3)
Individual name fields in the UCC information management system shall be fixed to fifty (50) characters in length by the filing office. A name that exceeds the fixed length shall be truncated after it exceeds the maximum length of the data entry field.Section 3.
(1)
Upon the filing of an amendment, the names of the parties indexed in the UCC information management system shall remain unchanged, except that in the case of an amendment that adds a debtor or a secured party, the new debtor or new secured party shall be added to the appropriate index and associated with the record of the financing statement in the UCC information management system. An amendment that designates an assignee shall cause the assignee to be added as a secured party of record with respect to the affected financing statement in the UCC information management system. The filing of an amendment that deletes a debtor or a secured party from a financing statement shall not delete data from the UCC information management system.(2)
Except in the case of a continuation statement, the filing of an amendment shall not affect the period of effectiveness of the financing statement.Section 4.
The filing of a termination statement shall not cause an active record to be removed from the searchable index.Section 5.
An information statement may be filed prior to the lapse of the financing statement to which it relates but shall not have anSection 6.
A filing office statement shall affect the indexing of parties and of the relevant financing statement as provided in the corrective action described in the filing office statement.Section 7.
If no timely filing of a continuation statement is filed, a financing statement lapses on its lapse date but shall remain indexed as an active record for one (1) year, after which the filing office shall remove the financing statement and all related UCC records from the searchable index. Upon the removal from the searchable index, the removed UCC records shall cease to be active records.HISTORY: (48 Ky.R. 1968, 2378; eff. 5-31-2022.)
FILED WITH LRC: February 7, 2022
CONTACT PERSON: Michael R. Wilson, Director, Office of Business, 700 Capital Avenue, State Capitol, Suite 152, Frankfort, Kentucky 40601, phone (502) 782-7422, fax (502) 564-5687, email michael.wilson@ky.gov.