CHAPTER 227
(SB 39)
Uniform commercial code, filing office duties revised.
ENTITLED, An Act to
revise the duties of the filing office in dealing with uniform commercial
code records.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section
1.
That
§
57A-9-519
be amended to read as follows:
57A-9-519.
(a) For each record filed in a filing office, the filing office shall:
(1)
Assign a unique number to the filed record;
(2)
Create a record that bears the number assigned to the filed record and the date
and time of filing;
(3)
Maintain the filed record for public inspection; and
(4)
Index the filed record in accordance with subsections (c), (d), and (e).
(b)
A file number assigned after July 1, 2001, must include a digit that:
(1)
Is mathematically derived from or related to the other digits of the file number; and
(2)
Aids the filing office in determining whether a number communicated as the file number
includes a single-digit or transpositional error.
(c) Except as otherwise provided in subsections (d) and (e), the filing office shall:
(1)
Index an initial financing statement according to the name of the debtor and index all
filed records relating to the initial financing statement in a manner that associates with
one another an initial financing statement and all filed records relating to the initial
financing statement; and
(2)
Index a record that provides a name of a debtor which was not previously provided in
the financing statement to which the record relates also according to the name that was
not previously provided.
(d) If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber
to be cut, it must be filed for record and the filing office shall index it:
(1)
Under the names of the debtor and of each owner of record shown on the financing
statement as if they were the mortgagors under a mortgage of the real property
described; and
(2)
To the extent that the law of this State provides for indexing of records of mortgages
under the name of the mortgagee, under the name of the secured party as if the secured
party were the mortgagee thereunder, or, if indexing is by description, as if the financing
statement were a record of a mortgage of the real property described.
(e) If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber
to be cut, the filing office shall index an assignment filed under
§
57A-9-514(a) or an amendment
filed under
§
57A-9-514(b):
(1)
Under the name of the assignor as grantor; and
(2)
To the extent that the law of this State provides for indexing a record of the assignment
of a mortgage under the name of the assignee, under the name of the assignee.
(f) The filing office shall maintain a capability:
(1)
To retrieve a record by the name of the debtor and:
(A)
If the filing office is described in
§
57A-9-501(a)(1), by the file number assigned
to the initial financing statement to which the record relates and the date and time
that the record was filed or recorded; or
(B)
If the filing office is described in
§
57A-9-501(a)(2), by the file number assigned
to the initial financing statement to which the record relates; and
(2)
To associate and retrieve with one another an initial financing statement and each filed
record relating to the initial financing statement.
(g) The filing office may not remove a debtor's name from the index until one year after the
effectiveness of a financing statement naming the debtor lapses under
§
57A-9-515 with respect to
all secured parties of record.
(h) The filing office shall perform the acts required by subsections (a) through (e) at the time
and in the manner prescribed by filing-office rule, but not later than two business days after the
filing office receives the record in question.
(i)
Subsections (b) and (h) do
Subsection (h) does
not apply to a filing office described in
§
57A-9-501(a)(1).
Signed February 15, 2002.