Pennsylvania Code › Title 52 - PUBLIC UTILITIES › Part I - Public Utility Commission › Subpart C - Fixed Service Utilities › Chapter 74 - PERFECTION OF SECURITY INTERESTS IN INTANGIBLE TRANSITION PROPERTY › Section 74.6 - Intangible transition property notice filing; duration; lapses; filing officer

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
What constitutes a filing.
Presentation of an intangible
				  transition property notice and tender of the filing or processing fee, and
				  acceptance of the intangible transition property notice by the filing officer
				  by indication of a file number and filing date on the intangible transition
				  property notice, will constitute a filing under the act and this chapter.
				  Nothing in the act or this chapter precludes the filing officer from refusing
				  to accept for filing an intangible transition property notice not complying
				  with this chapter.
(b)
Purposes of filing.
An intangible transition property notice
				  shall be filed to perfect the security interest of a financing party in
				  intangible transition property. An intangible transition property notice shall
				  also be filed in respect of each transfer to an assignee of an interest in
				  intangible transition property.
(c)
Duration of effectiveness of filing in general.
An intangible
				  transition property notice filed to perfect the security interest of a
				  financing party will be effective for 12 years from the filing date. An
				  intangible transition property notice filed to perfect the security interest of
				  a financing party lapses on the expiration of the 12-year period unless a
				  continuation notice is filed prior to the lapse. An intangible transition
				  property notice filed to record the transfer to an assignee of intangible
				  transition property is continuously effective.
(d)
Lapse.
Upon lapse, the
				  security interest becomes unperfected and is deemed to have been unperfected as
				  against a person who became a purchaser or lien creditor before the
				  lapse.
(e)
Continuation
				  notice.
A continuation notice shall be filed by a financing party no
				  earlier than 6 months prior to the expiration of the 12-year period specified
				  in subsection (c). A continuation notice shall be signed by the financing
				  party, identify the original notice by file number and state that the original
				  intangible transition property notice is still effective. A continuation notice
				  signed by a person other than the financing party of record shall be
				  accompanied by a separate written statement of assignment of the security
				  interest signed by the financing party of record and comply with this chapter,
				  including payment of the required fees. Upon timely filing of the continuation
				  notice, the effectiveness of the original notice is continued for 12 years
				  after the last date to which the filing was effective whereupon it lapses in
				  the same manner as provided in subsection (d) unless another continuation
				  notice is filed prior to a lapse. Succeeding continuation notices may be filed
				  in the same manner to continue the effectiveness of the original notice.
(1) Unless a statute on disposition of public
				  records provides otherwise, the filing officer may remove a lapsed notice from
				  the files and destroy it if he has retained a microfilm or other photographic
				  record or, in other cases, 1 year after the lapse.
(2) The filing officer will manage the
				  intangible transition property notice filings to retain a filing that is
				  continued beyond the 12-year limitation.