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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 9A : Uniform Commercial Code

Article 009 : Secured Transactions

(Cite as: 9A V.S.A. § 9-516)
  • § 9-516. What constitutes filing; effectiveness of filing

    (a) Except as otherwise provided in subsection (b) of this section, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing.

    (b) Filing does not occur with respect to a record that a filing office refuses to accept because:

    (1) the record is not communicated by a method or medium of communication authorized by the filing office;

    (2) an amount equal to or greater than the applicable filing fee is not tendered;

    (3) the filing office is unable to index the record because:

    (A) in the case of an initial financing statement, the record does not provide a name for the debtor;

    (B) in the case of an amendment or information statement, the record:

    (i) does not identify the initial financing statement as required by section 9- 512 or 9- 518 of this title, as applicable; or

    (ii) identifies an initial financing statement whose effectiveness has lapsed under section 9- 515 of this title;

    (C) in the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or

    (D) in the case of a record recorded in the filing office described in subdivision 9- 501(a)(1) of this title, the record does not provide a sufficient description of the real property to which it relates;

    (4) in the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record;

    (5) in the case of an initial financing statement or an amendment that provides a name of a debtor which was not previously provided in the financing statement to which the amendment relates, the record does not:

    (A) provide a mailing address for the debtor; or

    (B) indicate whether the name provided as the name of the debtor is the name of an individual or an organization;

    (6) in the case of an assignment reflected in an initial financing statement under subsection 9- 514(a) of this title or an amendment filed under subsection 9- 514(b) of this title, the record does not provide a name and mailing address for the assignee; or

    (7) in the case of a continuation statement, the record is not filed within the six-month period prescribed by subsection 9- 515(d) of this title.

    (c) For purposes of subsection (b) of this section:

    (1) a record does not provide information if the filing office is unable to read or decipher the information; and

    (2) a record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by section 9- 512, 9- 514, or 9- 518 of this title, is an initial financing statement.

    (d) A record that is communicated to the filing office with tender of the filing fee, but which the filing office refuses to accept for a reason other than one set forth in subsection (b) of this section, is effective as a filed record except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2013, No. 157 (Adj. Sess.), § 1.)