Effective Date of Rule: Immediately.
Purpose: To make a correction in part 3 concerning the calculation of lapse date for public financing transactions and manufactured home transactions.
Citation of Existing Rules Affected by this Order: Amending WAC 308-390-306.
Statutory Authority for Adoption: RCW 62A.9A-526.
Under RCW 34.05.350 the agency for good cause finds that immediate adoption, amendment, or repeal of a rule is necessary for the preservation of the public health, safety, or general welfare, and that observing the time requirements of notice and opportunity to comment upon adoption of a permanent rule would be contrary to the public interest.
Reasons for this Finding: The legislation does not authorize a lapse date of thirty years from the date of the initial financing statement, so that language in WAC 308-390-306 is being removed.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 0, Repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 1, Repealed 0.
Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 0.
Date Adopted: August 14, 2007.
(1) Status of secured party. Each secured party named on an initial financing statement shall be a secured party of record, except that if the UCC record names an assignee, the secured party/assignor shall not be a secured party of record and the secured party/assignee shall be a secured party of record.
(2) Status of debtor. The status of a debtor named on the record shall be active and shall continue as active until one year after the financing statement lapses.
(3) Status of financing statement. The status of the
financing statement shall be active. A lapse date shall be
calculated, five years from the file date, unless ((
initial financing statement indicates that it is filed with
respect to a public-financing transaction or a
manufactured-home transaction, in which case the lapse date
shall be thirty years from the file date, or if)) the initial
financing statement indicates that it is filed against a
transmitting utility, in which case there shall be no lapse
date. A financing statement remains active until one year
after it lapses, or if it is indicated to be filed against a
transmitting utility, until one year after it is terminated
with respect to all secured parties of record.
[Statutory Authority: Chapters 62A.9, 60.11, 60.13, 60.68, and 62A.9A RCW. 01-10-056, § 308-390-306, filed 4/27/01, effective 7/1/01.]