111-11-42 Procedure upon lapse.
If there is no timely filing of a continuation with respect to a financing statement, the financing statement lapses on its lapse date but no action is then taken by the filing office.
On the first anniversary of such lapse date, the information management system rendersor is caused to render the financing statement inactive and the financing statement will nolonger be made available to a searcher unless inactive statements are requested by thesearcher and the financing statement is still retrievable by the information managementsystem.111-11-42 2
Effective: 01/07/2011
R.C. 119.032 review dates: 10/21/2010 and 07/15/2015
CERTIFIED ELECTRONICALLY
Certification
12/27/2010
Date
Promulgated Under: 119.03
Statutory Authority: 1309.526
Rule Amplifies: 1309.515, 1309.519
Prior Effective Dates: 7/3/01 (Emer.), 9/20/01.
Document Information
- Effective Date:
- 1/7/2011
- File Date:
- 2010-12-27
- Last Day in Effect:
- 2011-01-07
- Five Year Review:
- Yes
- Rule File:
- 111-11-42_PH_FF_A_RU_20101227_1037.pdf
- Related Chapter/Rule NO.: (1)
- Ill. Adm. Code 111-11-42. Procedure upon lapse