SECTION 96.40. Grounds for Refusal of a Transition Property Notice

The following grounds are the sole grounds for the filing officer's refusal to accept a transition property notice 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) Grantor or Assignor Name and Address. An initial transition property notice or an amendment that purports to add a grantor or assignor under §96.42 of this title shall be refused if the document fails to include a legible grantor or assignor name and address for a grantor, in the case of an initial transition property notice, or for a grantor or assignor purporting to be added in the case of such an amendment. If the document contains more than one grantor or assignor name or address and some names or addresses are missing or illegible, the filing officer shall index the legible name and address pairings, and provide a notice to the submitter containing the file number of the document, identification of the grantor or assignor name(s) that was (were) indexed, and a statement that grantors or assignors with illegible or missing names or addresses were not indexed.

(2) Financing Party or Assignee Name and Address. An initial transition property notice, an amendment purporting to add a financing party or assignee of record, or an assignment, that is required to name a financing party or assignee of record under §96.42 of this title shall be refused if the document fails to include a legible financing party or assignee of record name and address if the document contains more than one financing party or assignee name or address and some names or addresses are missing or illegible, the filing officer shall refuse the transition property notice document.

(3) Lack of Identification of Initial Transition Property Notice Filing. A transition property notice other than an initial transition property notice shall be refused if the document does not provide a file number of a transition property notice in the UCC information management system that has not lapsed.

(4) Other Required Information. A transition property notice that does not identify itself as an original transition property notice or another type of transition property notice shall be refused.

(5) Fee. A document shall be refused if the document is accompanied by less than the full filing fee tendered by a method described in §96.6 of this title.

Source Note: The provisions of this §96.40 adopted to be effective September 4, 2001, 26 TexReg 6658; amended to be effective January 9, 2014, 39 TexReg 75