R154-2-307. Initial Financing Statement

  Upon the filing of an initial financing statement, the status of the parties and the status of the financing statement shall be as follows.

  (1) Status of secured party.

  (a) If no assignee is named, each secured party named on an initial financing statement shall be a secured party of record.

  (b) If the UCC record names an assignee:

  (i) the secured party/assignor shall not be a secured party of record; and

  (ii) the secured party/assignee shall be a secured party of record.

  (2) Status of debtor. Each debtor name provided by the initial financing statement shall be indexed in the UCC information management system for as long as the financing statement is an Active Record.

  (3) Status of financing statement.

  (a) The financing statement shall be an Active Record.

  (b) A lapse date shall be calculated as follows:

  (i) Unless this Subsection R154-2-307(3)(b)(ii) or (iii) applies, the lapse date shall be five years from the file date.

  (ii) If the initial financing statement indicates, as provided in Subsection R154-2-101(2), that it is filed with respect to a public-financing transaction or a manufactured-home transaction, the lapse date shall be thirty years from the file date.

  (iii) If the initial financing statement indicates, as provided in Subsection R154-2-101(2), that it is filed against a transmitting utility, there shall be no lapse date.