The Vermont Statutes Online
Uniform Commercial Code
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.)