Kentucky Administrative Regulations › Title 30 - SECRETARY OF STATE › Chapter 5 - Implementation of Revised Article 9 › Section 30 KAR 5:011E - Definitions for 30 KAR Chapter 5

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO: KRS Chapter 355.9
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				355.9-526(1) requires the
				Secretary of State to promulgate administrative regulations implementing KRS
				Chapter 355.9. This administrative regulation establishes the definitions for
				those administrative regulations.
Section
			 1. Definitions.
(1) "Active
			 Record" means a UCC record stored in the UCC information management system and
			 indexed in, but not yet removed from, the searchable index.
(2) "Address" means either:
(a) A street address, route number or post
			 office box number plus the city, state and zip code; or
(b) An address that purports to be a mailing
			 address outside of the United States of America.
(3) "Amendment" means a UCC record that
			 relates to an initial financing statement, including party or collateral
			 changes, assignments, continuations, and terminations.
(4) "Assignment" means an amendment that
			 assigns all or part of a secured party's power to authorize an amendment to a
			 financing statement.
(5) "Delivery"
			 means communication of a tangible UCC record.
(6) "Filer" means a person who communicates a
			 UCC record to the filing office for filing.
(7) "Filing office" means the Office of the
			 Kentucky Secretary of State.
(8)
			 "Filing office statement" means a statement entered into the filing office's
			 information management system to correct an error made by the filing
			 office.
(9) "Information statement"
			 means a UCC record that indicates a financing statement is inaccurate or
			 wrongfully filed.
(10) "Individual
			 debtor name" means any name provided as a debtor name in a UCC record in a
			 format that identifies the name as that of the debtor who is an individual,
			 without regard to the nature or character of the name or to the nature or
			 character of the actual debtor.
(11) "Initial financing statement" means a
			 UCC record that causes the filing office to establish the initial record of
			 filing of a financing statement.
(12) "Remitter" means a person who delivers a
			 tangible UCC record to the filing office for filing and awaits an immediate
			 determination as to whether the UCC record will be accepted or
			 rejected.
(13) "Searchable index"
			 means the retrievable list of individual debtor names and organization debtor
			 names together with associated file numbers the filing office maintains in the
			 UCC information management system as active records.
(14) "Secured party of record" means a
			 secured party as defined in
			 KRS
			 355.9-102(1)(bu) who meets
			 the additional requirements established in
			 KRS
			 355.9-511.
(15) "Tangible UCC record" means a UCC record
			 that has been printed on paper.
(16) "Time of filing" means the time of day
			 on the date a UCC record is deemed filed under this regulation.
(17) "UCC" means the Uniform Commercial Code
			 as adopted in the Commonwealth of Kentucky.
(18) "UCC information management system"
			 means the computer system used by the filing office to store, index, and
			 retrieve information relating to financing statements as required by 30 KAR
			 5:041 E.
(19) "UCC record" means an
			 initial financing statement, an affidavit of wrongfully filed record, an
			 amendment, a filing office statement, or an information statement and includes
			 a record thereof maintained by the filing office. The term shall not be deemed
			 to refer exclusively to paper or paper-based writings.
(20) "Unlapsed record" means a UCC record
			 that has been stored and indexed in the UCC information management system and
			 that has not yet lapsed under
			 KRS
			 355.9-515 with regard to all secured parties
			 of record.