NAC104.225. Secured party of record; status of debtor; status of financing statement; lapse date.

     1. Upon the filing of an initial financing statement:

     (a) Each secured party named on the initial financing statement must be a secured party of record, except that if the initial financing statement names an assignee, the secured party who is the assignor must not be a secured party of record and the secured party who is the assignee must be a secured party of record.

     (b) The status of a debtor named on the initial financing statement must be active. The status of such a debtor must continue as active for 1 year after the financing statement lapses.

     (c) The status of the financing statement must be active. A lapse date 5 years after the filing date must be calculated, unless the initial financing statement indicates that it is filed:

          (1) With respect to a public-financing transaction or a manufactured-home transaction, in which case the lapse date must be 30 years after the filing date; or

          (2) Against a transmitting utility, in which case there must be no lapse date.

     2. A financing statement remains active for 1 year after it lapses, or if it indicates that it is filed against a transmitting utility, for 1 year after it is terminated with respect to all secured parties of record.

     (Added to NAC by Sec’y of State by R084-01, eff. 10-30-2001)