N.J. Admin. Code § 17:33-7.5

Current through Register Vol. 56, No. 24, December 18, 2024

Section 17:33-7.5 - Initial financing statement, status of parties, and status of statement, including calculation of lapse date

(a) 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. 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/assignee shall be a secured party of record;

2. The status of a debtor named on the document shall be active and shall continue as active until one year after the financing statement lapses; and

3. The status of the financing statement shall be active. A lapse date shall be calculated, five years from the file date, unless the initial financing statement indicates that it is filed with respect to a manufactured-home transaction, in which case the lapse date shall be 30 years from the file 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 active 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.

N.J. Admin. Code § 17:33-7.5

Adopted by 55 N.J.R. 2419(a), effective 12/4/2023