S.D. Admin. R. 5:04:04:01

Current through Register Vol. 51, page 30, September 3, 2024

Section 5:04:04:01 - Definitions

Terms used in this chapter mean:

(1) "Amendment," a UCC record that amends the information contained in a financing statement. Amendments may include assignments as well as one or more amendments. However, continuations and terminations must be separate statements;

(2) "Assignment," an amendment that assigns all or a part of a secured party's power to authorize an amendment to a financing statement;

(3) "Continuation statement," shall have the meaning prescribed by SDCL subdivision 57A-9-102(27);

(4) "Dakota Fast File 2," (DFF 2) is a computer access program which allows instant access to all UCC and EFS filings in the Secretary of State's office via internet;

(5) "Effective Financing Statement," (EFS) shall have the meaning prescribed by Section 7 USCA § 1631(c)(4), in effect on July 1, 2001;

(6) "File number," shall have the meaning prescribed by SDCL subdivision 57A-9-519(a);

(7) "Filing office" and "filing officer," the Office of Secretary of State and the secretary of state;

(8) "Filing office correction statement," "a/k/a correction statement," a statement entered into the filing office's information system by the filing office to correct an error by the filing office;

(9) "Financing statement," shall have the meaning prescribed by SDCL subdivision 57A-9-102(39);

(10) "Individual," a human being or a decedent in the case of a debtor that is such decedent's estate;

(11) "Information statement," a UCC record submitted by a secured party or debtor that indicates that a financing statement is inaccurate or wrongfully filed;

(12) "Initial financing statement," a UCC record containing the information required on an initial financing statement that causes the filing office to establish the initial record of existence of a financing statement;

(13) "Organization," a legal person who is not an individual;

(14) "Remitter," a person who tenders a UCC record to the filing office for filing, whether the person is a filer or an agent of a filer responsible for tendering the record for filing. However, does not include a person responsible merely for the delivery of the record to the filing office, such as the postal service or a courier service but does include a service provider who acts as a filer's representative in the filing process;

(15) "Secured party of record," shall have the meaning prescribed in SDCL 57A-9-511;

(16) "Termination statement," shall have the meaning prescribed by SDCL subdivision 57A-9-102(80);

(17) "UCC," the Uniform Commercial Code as adopted in this state;

(18) "UCC record," an initial financing statement, an amendment, an assignment, a continuation, a termination, or an information statement and may not be deemed to refer exclusively to paper or paper-based writings.

S.D. Admin. R. 5:04:04:01

28 SDR 23, effective 7/18/2001; 42 SDR 177, effective 6/30/2016

General Authority: SDCL 57A-9-526.

Law Implemented: SDCL 57A-9-525.2.