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UCC Related Regulations
Chapter 5 of Title 9 DCMR
Section 513, Uniform Commercial Code (UCC) Article 9 filings:
| 513.18 |
Initial Financing Statement A new record is opened in the UCC information management system for each initial financing statement that bears the file number of the financing statement and the date and time of filing:
(a) The name and address of each secured party set forth in the financing statement are entered into the record of the financing statement.
(b) The record is indexed according to the name of the debtor(s) and is maintained for public inspection.
(c) A lapse date is established for the financing statement, unless the initial financing statement indicates it is filed against a transmitting utility, and the lapse date is maintained as part of the record. |
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| 513.19 |
Amendment A record that bears the acknowledgment number for the amendment and the date and time of filing is created for the amendment.
(a) The record of the amendment is associated with the record of the related initial financing statement in a manner that causes the amendment to be retrievable each time a record of the financing statement is retrieved.
(b) The name of the debtor and the name and address of each secured party are entered into the UCC information management system in the record of the financing statement. Each such additional debtor name is added to the searchable index and is not removed from the information management system of the recording office even after the financing statement lapses. An amendment that changes a debtor's name is cross-indexed in the UCC information management system so that a search under either the debtor's old name or debtor's new name will reveal the initial financing statement and such related UCC records.
If the amendment is a continuation, a new lapse date is established for the financing statement and maintained as part of its record. |
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| 513.20 |
Termination statement A termination statement shall cause the recording office to designate the financing statement as terminated. | |