7-17-12  Status of parties upon filing in-
itial financing statement. Upon the filing of an
initial financing statement, the status of the parties
and the status of the financing statement shall be
as follows. (a) Each secured party named in an
initial financing statement shall be a secured party
of record, except that if the UCC record names
an assignee, the assignor shall not be a secured
party of record, and the assignee shall be the se-
cured party of record.

 (b) The status of a debtor named on the record
shall be active and shall continue as active for one
year after the financing statement lapses.

 (c) The status of the financing statement shall
be active and shall continue as active for one year
after its lapse date.

 (d) If the initial financing statement is filed with
respect to a transmitting utility, there shall be no
lapse date, and the financing statement shall re-
main active for one year after the financing state-
ment is terminated with respect to all secured par-
ties of record. (Authorized by L. 2000, Ch. 142,
§ 97; implementing L. 2000, Ch. 142, § § 82, 86, 93;
effective Oct. 12, 2001.)