N.Y. Uniform Commercial Code 9-516 – What Constitutes Filing; Effectiveness of Filing
Section 9–516. What Constitutes Filing; Effectiveness of Filing.
Terms Used In N.Y. Uniform Commercial Code 9-516
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) What constitutes filing. Except as otherwise provided in subsection (b), communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing.
(b) Refusal to accept record; filing does not occur. Filing does not occur with respect to a record that a filing office refuses to accept because:
(1) the record is not communicated by a method or medium of
communication authorized by the filing office;
(2) an amount equal to or greater than the applicable filing fee
is not tendered;
(3) the filing office is unable to index the record because:
(A) in the case of an initial financing statement, the record
does not provide a name for the debtor;
(B) in the case of an amendment or correction statement, the
record:
(i) does not identify the initial financing statement as
required by Section 9–512 or 9–518, as applicable;
or
(ii) identifies an initial financing statement whose
effectiveness has lapsed under Section 9–515;
(C) in the case of an initial financing statement that
provides the name of a debtor identified as an individual
or an amendment that provides a name of a debtor
identified as an individual which was not previously
provided in the financing statement to which the record
relates, the record does not identify the debtor's last
name; or
(D) in the case of a record filed in the filing office
described in Section 9–501 (a) (1), the record does not
provide a sufficient description of the real property to
which it relates;
(4) in the case of an initial financing statement or an amendment
that adds a secured party of record, the record does not
provide a name and mailing address for the secured party of
record;
(5) in the case of an initial financing statement or an amendment
that provides a name of a debtor which was not previously
provided in the financing statement to which the amendment
relates, the record does not:
(A) provide a mailing address for the debtor; or
(B) indicate whether the debtor is an individual or an
organization;
(C) if the financing statement indicates that the debtor is
an organization, provide:
(i) a type of organization for the debtor, or
(ii) a jurisdiction of organization for the debtor; or
(6) in the case of an assignment reflected in an initial
financing statement under Section 9–514(a) or an amendment
filed under Section 9–514(b), the record does not provide a
name and mailing address for the assignee; or
(7) in the case of a continuation statement, the record is not
filed within the six-month period prescribed by Section
9–515(d).
(c) Rules applicable to subsection (b). For purposes of subsection (b):
(1) a record does not provide information if the filing office is
unable to read or decipher the information; and
(2) a record that does not indicate that it is an amendment or
identify an initial financing statement to which it relates,
as required by Section 9–512, 9–514, or 9–518, is an
initial financing statement.
(d) Refusal to accept record; record effective as filed record. A record that is communicated to the filing office with tender of the filing fee, but which the filing office refuses to accept for a reason other than one set forth in subsection (b), is effective as a filed record except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files.
(e) Special rule for cooperative interests; record effective as notice. A filing that includes a cooperative addendum covering a cooperative interest constitutes notice of the existence of the security interest in the cooperative interest as of the date of the filing of the cooperative addendum, except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files.