SECTION 96.61. Transition Property Notice

(a) The filing officer has promulgated a form for the filing of a transition property notice. A filing party may use the form or submit a document identified as a transition property notice that contains:

(1) The name of the grantor or assignor;

(2) The address of the grantor or assignor;

(3) The name of the financing party or assignee;

(4) The address of the financing party or assignee from which information concerning the security interest or transfer of an interest in transition property may be obtained;

(5) A statement setting forth whether all or a portion of the recovery permitted under the financing order (from which the transition property is derived) is covered by the transition property notice. If the portion covered by a transition property notice relates to less than all of the financing order, the portion or the amount thereof to which the transition property notice relates shall be stated;

(6) A statement of whether the transition property notice is intended to be filed to perfect a security interest in transition property or to give notice of a transfer of an interest in transition property to an assignee; and

(7) The financing order docket number from which the transition property is derived.

(b) Effect of Possible Recharacterization. If a filed transition property notice is intended to give notice of a transfer of an interest in transition property to an assignee, and the transfer is thereafter held for any reason or purpose to constitute the grant of a security interest in such transition property, the filed transition property notice will be considered a filing with respect to that security interest, for purposes of these regulations, from and as of the filing date of the original transition property notice, without the necessity of any amendment or other action by the parties with respect thereto.

Source Note: The provisions of this §96.61 adopted to be effective September 4, 2001, 26 TexReg 6658