Rule 1-4-10.10 - 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:
A. 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 document names an assignee, the secured party/assignor shall not be a secured party of record and the secured party of record and the secured party/assignee shall be a secured party of record. B. Status of Debtor - The status of a debtor named on the document shall be active and shall continue of record until one year after the financing statement lapses.C. Status of Financing Statement - The status of the financing statement shall be active. A lapse date shall be calculated, five years from the filing date, unless the initial financing statement indicates 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 years from the filing date, or if the initial financing statement indicates that it is filed against a transmitting utility, in which case there shall be no lapse date. A financing statement remains of record until one year after it lapses, or if it is indicated to be filed against a transmitting utility, until one year after it is terminated with respect to all secured parties of record.75-9-519 et seq. Mississippi Code of 1972 as amended.