§ 4-9-520 — Acceptance and refusal to accept record

(a) A filing office shall
refuse to accept a record for filing for a reason set forth in section 4-9-516 (b) and
may refuse to accept a record for filing only for a reason set forth in section 4-9-516 (b).

(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 but in no event more than five business days after the filing office
receives the record.

(c) A filed financing statement satisfying section 4-9-502 (a) and (b) is
effective, even if the filing office is required to refuse to accept it for filing under
subsection (a) of this section. However, section 4-9-338 applies to a filed financing
statement providing information described in section 4-9-516 (b)(5) 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 5 applies as to each debtor separately.

Legislative History

Source: L. 2001: Entire article R&RE, p. 1391, � 1, effective July 1.