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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. § 9-520)
  • § 9-520. Acceptance and refusal to accept record

    (a) A filing office shall refuse to accept a record for filing for a reason set forth in subsection 9- 516(b) of this title and may refuse to accept a record for filing only for a reason set forth in subsection 9- 516(b) of this title.

    (b) If a filing office refuses to accept a record for filing, it shall communicate to the person that presented the record the fact of and reason for the refusal and the date and time the record would have been filed had the filing office accepted it. The communication must be made at the time and in the manner prescribed by filing office rule in no event more than two business days after the filing office receives the record.

    (c) A filed financing statement satisfying subsections 9- 502(a) and (b) of this title is effective, even if the filing office is required to refuse to accept it for filing under subsection (a) of this section. However, section 9- 338 of this title applies to a filed financing statement providing information described in subdivision 9- 516(b)(5) of this title which is incorrect at the time the financing statement is filed.

    (d) If a record communicated to a filing office provides information that relates to more than one debtor, this part applies as to each debtor separately. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)