South Dakota § 57A-9-522 Required retention of information from financing statement--Destruction of written record.

South Dakota Statutes

§ 57A-9-522 — Required retention of information from financing statement--Destruction of written record.

South Dakota·Title 57A UNIFORM COMMERCIAL CODE·Ch. 57A-6 SECURED TRANSACTIONS

(a)The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under § 57A-9-515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and:

(1)If the record was filed or recorded in the filing office described in § 57A-9-501(a)(1), by using 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 (2) If the record was filed in the filing office described in § 57A-9-501(a)(2), by using the file number assigned to the initial financing statement to which the record relates.

(b)Except to the extent that a statute

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(a) The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under § 57A-9-515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and: (1) If the record was filed or recorded in the filing office described in § 57A-9-501(a)(1), by using 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 (2) If the record was filed in the filing office described in § 57A-9-501(a)(2), by using the file number assigned to the initial financing statement to which the record relates. (b) Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with subsection (a).

South Dakota § 57A-9-522 (Required retention of information from financing statement--Destruction of written record.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.