Upon 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 §95.101(8) of this title (relating to Means to Deliver UCC
Records; Time of Filing) that it is filed with respect to a public-finance
transaction or a manufactured-home transaction, in which case the
lapse date shall be thirty years from the file date; or
(B) the Initial financing statement indicates as provided
in §95.101(8) of this title that it is filed against a transmitting
utility, in which case there shall be no lapse date.
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