Michigan Administrative Code
Department - State
Office of Customer Services
Uniform Commercial Code Filing Office
Part 4 - FILING AND DATA ENTRY PROCEDURES
Section R. 440.404 - Lapse date and time
Universal Citation: MI Admin Code R. 440.404
Current through Vol. 24-22, December 15, 2024
Rule 404.
(1) Except as provided in subrule (3) of this rule, a lapse date is calculated for each initial financing statement in the following manner:
(a) Unless the initial financing statement
indicates that it is filed with respect to a manufactured home transaction,
then the lapse date is the same date of the same month as the filing date in
the fifth year after the filing date or relevant subsequent fifth anniversary
thereof if a timely continuation statement is filed.
(b) If the initial financing statement
indicates that it is filed with respect to a manufactured home transaction,
then the lapse date is the same date of the same month as the filing date in
the thirtieth year after the filing date or relevant subsequent fifth
anniversary thereof if a timely continuation statement is filed.
(2) The lapse takes effect at midnight at the end of the lapse date. The relevant anniversary for a February 29 filing date shall be March 1.
(3) A lapse date is not calculated for an initial financing statement that indicates the debtor to be a transmitting utility.
Disclaimer: These regulations may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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