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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

009

:
Secured Transactions











 

§

9-520. Acceptance and refusal to accept record

(a) A filing

office shall refuse to accept a record for filing for a reason set forth in

subsection 9-516(b) of this title and may refuse to accept a record for filing

only for a reason set forth in subsection 9-516(b) of this title.

(b) If a filing

office refuses to accept a record for filing, it shall communicate to the

person that presented the record the fact of and reason for the refusal and the

date and time the record would have been filed had the filing office accepted

it. The communication must be made at the time and in the manner prescribed by

filing office rule in no event more than two business days after the filing

office receives the record.

(c) A filed

financing statement satisfying subsection 9-502(a) and (b) of this title is

effective, even if the filing office is required to refuse to accept it for

filing under subsection (a) of this section. However, section 9-338 of this

title applies to a filed financing statement providing information described in

subsection 9-516(b)(5) of this title which is incorrect at the time the

financing statement is filed.

(d) If a record

communicated to a filing office provides information that relates to more than

one debtor, this part applies as to each debtor separately. (Added 1999, No.

106 (Adj. Sess.), § 2, eff. July 1, 2001.)