Section 11.06.061. Acceptance or refusal of uniform commercial code (UCC) records.

	(a)  The duties and responsibilities of the filing officer with respect to the administration of the UCC are ministerial. Provision of complete and accurate information on a filing form submitted by a filer is the responsibility of the filer. In accepting or refusing to file a UCC record under this chapter, the filing officer may not  
		(1) determine the legal sufficiency or insufficiency of a record;  
		(2) determine that a security interest in collateral exists or does not exist;  
		(3) determine that information in the record is correct or incorrect, in whole or in part; or  
		(4) create a presumption that information in the record is correct or incorrect, in whole or in part.  
	(b)  If the filing officer finds grounds under AS 45.29.516 to refuse to accept a UCC record, the filing officer shall return the record to the remitter with the communication required by AS 45.29.520(b), and shall return or refund the filing fee.  
	(c)  The first day on which a continuation may be filed is the date corresponding to the date upon which the financing statement would lapse, six months preceding the month in which the financing statement would lapse. If there is no such corresponding date, the first day on which a continuation may be filed is the last day of the sixth month preceding the month in which the financing statement would lapse. The last day on which a continuation may be filed is the date upon which the financing statement lapses. Under AS 45.29,  acceptance by the filing officer of a continuation that could have been rejected under this subsection does not make the record effective.  
	(d)  Under AS 45.29,  acceptance by the filing officer of a UCC record that could have been refused under AS 45.29.516 does not make the record effective.  
	(e)  If a secured party or a remitter demonstrates to the satisfaction of the filing officer that a UCC record that was refused for filing should not have been refused, the filing officer shall file the UCC record with the filing date and time the UCC record was refused for filing. The filing officer shall add a comment line to the relevant filing that will provide the date of the correction and explain the nature of the corrective action taken. The record shall be preserved for as long as the initial financing statement is preserved.  
	(f)  An error by a filer is the responsibility of the filer. A filer may correct an error by filing an amendment or by disclosure in an information statement. The filing of an information statement under AS 45.29.518 does not affect the effectiveness of a UCC record. For purposes of this subsection, an error includes incorrect or incomplete names, addresses, financing statement numbers, collateral, or identification of the type of filing.  
	(g)  When a UCC record submitted for filing is filed, it becomes the property of the state.  
	(h)  The filing office may correct data entry errors by filing office staff at any time.  

Authorities

44.37.027;45.29.516;45.29.518;45.29.520

Notes

Authority

AS 44.37.027 AS 45.29.516 AS 45.29.518 AS 45.29.520

History

Eff. 8/23/2001, Register 159; am 4/2/2004, Register 169; am 8/29/2013, Register 207