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Segment 2 of the UCC Article Security Interests: Collateral Refresher and Hot Topics CLE program.
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The Future of Filing and Searching Security Interests
What to expect?
What is new & improved?
What is different?
What to expect?
The new system does what you expect it to do.
File records
Search for records
What is new & improved?
Filing
Attachments
We will accept: PDF and Text (.txt)Total file size of 10 megabytes (MB)Maximum of 50 files
ACH
Will be accepted
Users will be able to submit filings using an XML data transfer process.
System-to-System Transfer
Point & Choose
Point & Choose
Point & Choose
User Accounts
Notice of Lien & Amendment
Unique Identifier
The 10 digit number that will replace the use of the Social Security Number or Employer Identification Number on EFS records.
New Forms
Search
Master List Search
Certification
Other Features
Master List Registration
Bulk Records Subscription
What is different?
Mandatory electronic filing, searching, and
certification
1. The Law
2. How We Get There
3. Practical Aspects
The Law
Filing
The filing office can specify the method and medium of communication.
Method and Medium
The Secretary of State may require any filing to be made by electronic means.
By Electronic Means
Federal tax law controls.
Federal Tax Liens
Search
Electronic Access
The Secretary of State may designate electronic access as the sole means of access.
In Any Medium
The Secretary of State shall communicate requested information regarding a financing statement in any medium.
Self-Authenticating
The Secretary of State shall communicate a record that can be admitted into evidence without extrinsic authentication.
Proposed Rules
The Secretary of State will mandate electronic filing, searching, and certification as the sole method or medium.
Electronic Mandate
Federal liens will be excluded from the electronic filing mandate.
Exclusion
Hardship filing, search and certification request allowed upon the Secretary’s approval of hardship cases.
Hardship
How We Get There
Effective Date
The same date as the new system deploys.
Required Features
1. Attachments
2. ACH
3. System-to-System Transfer
Notice
Practical Aspects
Efficiency
Paper FilingElectronic
FilingVS.
How a Document Becomes a Record in a Paper Based World
How a Document Becomes a Record in a Paper Based World
1 2 3
4 5 6
7 8 9
How a Document Becomes a Record in an Electronic World
Filed Record
Public User
Online Filing Application
Online Payment
Historical Experience
Moving Forward
Mobile
On-line
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