Rules & Regulations of the State of Tennessee
Title 1360 - Department of State
Subtitle 1360-08 - Uniform Commercial Code
Chapter 1360-08-01 - Uniform Commercial Code General Provisions
Section 1360-08-01-.01 - DEFINITIONS

Universal Citation: TN Comp Rules and Regs 1360-08-01-.01

Current through September 24, 2024

The following terms shall have the respective meanings provided in this rule. Terms not defined in this rule which are defined in the UCC shall have the respective meanings accorded such terms in the UCC.

(1) "Active record" means a UCC record that has been stored in the UCC information management system and indexed in, but not yet removed from, the searchable indexes and has not either lapsed or been terminated.

(2) "Address" means either (i) a street address, route number (may include box), or P.O. Box number, plus the city, state, and zip code, or (ii) an address that purports to be a mailing address outside the United States of America. Submitted addresses will be verified and standardized using the United States Postal Service Address Matching System Application Programming Interface.

(3) "Affidavit" means a notarized affidavit, signed under penalty of perjury pursuant to T.C.A. § 47-9-513(e)(2)(A), stating that the affiant is a public official and that the UCC financing statement was filed without any reasonable basis or legal cause, and the affiant's factual basis for why the UCC financing statement lacks any reasonable basis or legal cause, executed on the form available from the secretary of state's filing office.

(4) "Amendment" means a UCC record that amends the information contained in a financing statement. Amendments include assignments, continuations, and terminations.

(5) "Assignment" is an amendment that assigns all or a part of a secured party's power to authorize an amendment to a financing statement.

(6) "Cost Bond" means the bond filed by the secured party of record, unless exempt pursuant to T.C.A. § 47-9-513(e)(5)(B), contemporaneously with the filing of a petition for review, in accordance with these rules.

(7) "Filing office" and "filing officer" mean the Tennessee Secretary of State, Division of Business Services.

(8) "Filing officer statement" means a statement entered into the filing office's information system to correct an error.

(9) "Initial financing statement" means a UCC record that causes the filing office to establish the initial record of filing of a financing statement.

(10) "Petition for Review" means a petition filed by a secured party of record who believes in good faith that the filed financing statement by the secured party was filed with reasonable basis or legal cause.

(11) "Public Official" means:

(a) An individual who is a current or retired elected or appointed government official, including a state, county, metropolitan, or municipal official;

(b) An individual who is the head of a division or major unit or department within an agency or office of the executive, judicial, or legislative branch of state, county, metropolitan, or municipal government, regardless of the title of this position, and who, as a substantial part of the individual's duties, provides meaningful input on the development of policy goals or the implementation of policy;

(c) A high-ranking employee within the executive, judicial, or legislative branch of state, county, metropolitan, or municipal government who has primary responsibility for one (1) or more of the following functions:
1. Public information and legislative affairs;

2. Fiscal, budget, and audit matters;

3. Legal, security, or internal affairs;

4. Information technology systems; and

5. Human resources;

(d) A first responder, as defined in T.C.A. § 29-34-203; or

(e) A law enforcement officer, as defined in T.C.A. § 39-11-106.

(12) "Remitter" means a person who tenders a UCC record to the filing officer for filing, whether the person is a filer or an agent of a filer responsible for tendering the record for filing. "Remitter" does not include a person responsible merely for the delivery of the record to the filing office, such as the postal service or a courier service, but does include a service provider who acts as a filer's representative in the filing process.

(13) "Searchable indexes" means the searchable index of individual debtor names and the searchable index of organization debtor names maintained in the UCC information management system.

(14) "Secured party of record" includes a secured party of record as defined in the UCC as well as a person who has been a secured party of record with respect to whom an amendment has been filed purporting to delete such person as a secured party of record.

(15) "Statement of claim" means a UCC record whereby the debtor or secured party indicates that a financing statement is inaccurate or wrongfully filed.

(16) "UCC" means the Uniform Commercial Code as adopted in this State.

(17) "UCC information management system" means the information management system used by the filing office to store, index, and retrieve information relating to financing statements as described in Rule 1360-08-03.

(18) "UCC record" means an initial financing statement, an amendment, an assignment, a continuation statement, a termination statement, a filing officer statement, or a statement of claim, and includes a record thereof maintained by the filing office. The term "UCC record" shall not be deemed to refer exclusively to paper or paper-based writings.

(19) "Unlapsed record" means a UCC record that has been stored and indexed in the UCC information management system, which has not yet lapsed under T.C.A. § 47-9-515 with respect to all secured parties of record.

Authority: T.C.A. §§ 4-5-202, 4-5-204, 47-9-102, 47-9-513, 47-9-520, and 47-9-526 and 2012 Tenn. Pub. Acts Ch. 708.

Disclaimer: These regulations may not be the most recent version. Tennessee 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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