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116.00.2-5.00. Transition - Continuation

AR ADC 116.00.2-5.00Arkansas Administrative Code

West's Arkansas Administrative Code
Title 116. Secretary of State
Division 00
Rule 2. Central Filing with the Secretary of State for Agricultural Liens and Farm-Related Security Interests - Transition
Ark. Admin. Code 116.00.2-5.00
116.00.2-5.00. Transition - Continuation
5.01 The effectiveness of a financing statement that perfects an agricultural lien or a security interest in equipment used in farming operations, farm products, or accounts arising from the sale of farm products may be continued by filing a continuation statement with the Secretary of State pursuant to A.C.A. Section 4-9-510(d)(3).
5.02 Notwithstanding Arkansas Secretary of State Administrative Rules For Uniform Commercial Code 106.4, a continuation statement submitted for filing pursuant to A.C.A. Section 4-9-510(d)(3) may be required to be communicated as a written record.
5.03 A continuation statement filed pursuant to A.C.A. Section 4-9-510(d)(3) to continue the effectiveness of a financing statement filed in the office of Circuit Clerk prior to January 1, 2010 must include an attached certified copy of the initial financing statement that legibly indicates the date of filing and file number of the initial financing statement assigned by the Circuit Clerk.
5.04 The Secretary of State may, under A.C.A. Section 4-9-516(b)(7), refuse to accept a continuation statement submitted pursuant to A.C.A. Section 4-9-510(d)(3) if, based on the file date indicated by the Circuit Clerk on the attached initial financing statement, the filing office determines the record is not filed within the six-month period prescribed by A.C.A. Section 4-9-515(d).
5.05 Upon the filing of a continuation statement described in this rule, the Secretary of State shall index the information on the attached financing statement as if it were an initial financing statement, except;
1) The date and time of filing assigned in the index shall be the date and time of filing indicated by the Circuit Clerk on the initial financing statement.
2) The lapse date in the index shall be the next five-year anniversary of the initial financing statement file date.

Credits

Adopted Jan. 1, 2010.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 116.00.2-5.00, AR ADC 116.00.2-5.00
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