30 KAR 5:010. Definitions for 30 KAR Chapter 5.

      RELATES TO: KRS Chapter 355 Article 9

      STATUTORY AUTHORITY: KRS 355.9-526(1)

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 355.9-526(1) requires the Secretary of State to promulgate administrative regulations implementing Article 9 of KRS Chapter 355. This administrative regulation establishes the definitions for 30 KAR Chapter 5.

      Section 1. Definitions. (1) "Amendment" means a UCC record, including an assignment, continuation, or termination, that amends the information contained in a financing statement.

      (2) "Assignment" means an amendment that assigns all or part of a secured party’s power to authorize an amendment to a financing statement.

      (3) "Correction statement" means a UCC record that indicates that a financing statement is inaccurate or wrongfully filed.

      (4) "Filing office" and "filing officer" mean the Secretary of State.

      (5) "Filing officer statement" means a statement of correction entered into the filing office’s information system to correct an error by the filing office.

      (6) "Individual" means a human being, or a decedent in the case of a debtor that is a decedant's estate.

      (7) "Initial financing statement" means a UCC record containing the information required to be an initial financing statement which, when filed, causes the filing office to establish the initial record in the filing office’s UCC information management system.

      (8) "Organization" is defined by KRS 355.1-201(28).

      (9) "Remitter" means a person who:

      (a) 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; and

      (b) Is not responsible merely for the delivery of the record to the filing office, such as the postal service, and who does not act as the filer’s representative in the filing process.

      (10) "UCC" means the Uniform Commercial Code as adopted in this state.

      (11) "UCC record" means an initial financing statement, an amendment, an assignment, a continuation, a termination or a correction statement and shall not be deemed to refer exclusively to paper or paper-based writings. (28 Ky.R. 995; Am. 1344; eff. 12-19-2001.)