Minnesota Administrative Rules

8280.0150 PRIMARY DATA ELEMENTS.

The primary data elements used in the UCC information management system are contained in items A to F.

A.

(1) Each initial financing statement is identified by its file number as defined in Minnesota Statutes, section 336.9-102. A file number for the initial financing statement is permanently associated with the record maintained in the UCC information management system. A record is created and maintained in the information management system for each financing statement.

(2)

A financing statement other than an initial financing statement is identified by a unique file number assigned by the filing officer. In the UCC information management system, records of all financing statements other than initial financing statements are linked to the record of the related initial financing statement.

The sequence of the identification number is not an indication of the order in which the document was received.

B.

The type of financing statement from which data is transferred is identified in the UCC information management system from information on the financing statement. The filing date and filing time of financing statements are stored in the UCC information management system.

C.

The names and addresses of debtors and secured parties are entered from financing statements and records into the UCC information management system.

D.

In the UCC information management system, each financing statement has a status of active or inactive. Active financing statements are those that are unlapsed or that have lapsed within one year before the determination of status, except in the case of a financing statement filed against a transmitting utility that remains active until one year after it is terminated with respect to all secured parties of record. All other financing statements are inactive.

E.

The total number of pages in a financing statement is maintained in the UCC information management system.

F.

An indicator is maintained by which the UCC information management system identifies whether or not a financing statement will lapse and when it will lapse. The lapse date is determined as defined in Minnesota Statutes, section 336.9-515.

Statutory Authority:

L 2000 c 399 art 1 s 139

History:

26 SR 5

Published Electronically:

November 14, 2003