VERMONT

 

Grounds for refusal of a financing statement. The following grounds are the sole grounds for the filing officer’s refusal to accept a UCC document for filing. As used herein, the term "legible" is not limited to refer only to written expressions on paper: it requires a machine-readable transmission for electronic transmissions and an otherwise readily decipherable transmission in other cases.

(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 does not provide the initial financing statement file number or does not provide the name of the debtor, or identifies an initial financing statement whose effectiveness has lapsed under section 9-515.

(4) 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.

(5) In the case of a record recorded 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.

(6) 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.

(7) 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: (1) provide a mailing address for the debtor; (2) indicate whether the debtor is an individual or an organization; or (3) if the financing statement indicates that the debtor is an organization, provide; (4) the type of organization of the debtor; (5) a jurisdiction of organization for the debtor; or (5) an organizational identification number for the debtor or indicate that the debtor has none.

(8) In the case of an assignment reflected in an initial financing statement under 5-14(a) or an amendment filed under section 9-514(b), the record does not provide a name and mailing address for the assignee.

(9) In the case of a continuation statement, the record is not filed within the six-month period prescribed by section 9-515(d).

(10) If a record does not provide sufficient information or the filing office is unable to read or decipher the information or type of filing or fails to identify an initial statement to which it relates.

Timeliness of continuation.

A continuation shall be refused if it is not received during the six month period concluding on the day upon which the related financing statement would lapse.