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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 5. Corporations |
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Agency 5. State Corporation Commission, Clerk's Office |
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Chapter 30. Uniform Commercial Code Filing Rules |
Section 60. Filing and data entry procedures
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Part III. Record Filing and Searches
A. The filing office may correct errors made by its personnel in the UCC information management system at any time. If the correction occurs after the filing office has issued a certification, the filing office shall file a filing officer statement in the UCC information management system identifying the record to which it relates, the date of the correction, and explaining the nature of the corrective action taken. The record shall be preserved as long as the record of the initial financing statement is preserved in the UCC information management system.
B. An error by a filer or remitter is the responsibility of that person. It can be corrected by filing an amendment or it can be disclosed by filing an information statement pursuant to § 8.9A-518 of the Code of Virginia.
C. 1. A UCC record tendered for filing shall designate whether a name is a name of an individual or an organization. If the name is that of an individual, the surname, first personal name, additional name or names, and any suffix shall be given.
2. Organization names are entered into the UCC information management system exactly as set forth in the UCC record, even if it appears that multiple names are set forth in the record or if it appears that the name of an individual has been included in the field designated for an organization name.
3. The filing office will only accept forms that designate separate fields for individual and organization names and separate fields for the surname, first personal name, additional name or names, and any suffix. Such forms diminish the possibility of filing office error and help assure that filers' expectations are met. However, the inclusion of names in an incorrect field or the failure to transmit names accurately to the filing office may cause a financing statement to be ineffective.
D. The filing office shall take no action upon receipt of a notification, formal or informal, of a bankruptcy proceeding involving a debtor included in the UCC information management system.
Historical Notes
Derived from Volume 17, Issue 22, eff. July 1, 2001; amended, Virginia Register Volume 23, Issue 23, eff. July 1, 2007; Volume 27, Issue 23, eff. July 1, 2011; Volume 29, Issue 22, eff. July 1, 2013.