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Reasons for Rejection of UCC Filings
Reasons for rejection of UCC filings are set forth in I.C. 26-1-9.1-516. Pursant to the Indiana Code, filing does not occur when a filing office refuses to accept the filing for one or more of the following reasons:
- Insufficient fee
- For amendments:
- No initial financing statement Identified, or
- identifies a statement that has already lapsed.
- Debtor's last name is not identified.
- The financing statement or amendment is being filed in the mortgage records or is a fixture filing and the filing does not include a description of the real property.
- The name and address of the secured party is not included or the debtor mailing address is not provided.
- There is no indication whether the debtor is an individual or an organization.
- An assignment does not contain the name and mailing address of the assignee.
- A continuation is not filed within the six-month period when it must be filed.
- Illegibility leading to impossibility of indexing debtor name.
- The filing is not communicated by a method or medium authorized by the filing office.
- Effective April 24, 2013, the Indiana Secretary of State may reject financing statements for the following reasons:
- The filing office determines that the financing statement is not required or authorized to be filed or recorded with the Secretary of State or the filing office has reasonable cause to believe the document is materially false of fraudulent.
Under the new law a person may file motion for judicial review if they believe a financing statement is fraudulent. The court may award fees and costs, declare the financing statement ineffective and may order the filing office to terminate or purge the financing statement.