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Minnesota Chippewa Tribe - Leech Lake Band - Tribal Code

 

Title 9. Secured Transactions Ordinance
Chapter 5. Filing

TITLE 9-501. ACCEPTANCE, REFUSAL, AND EFFECTIVENESS OF FINANCING STATEMENTS; ADMINISTRATION
TITLE 9-502. CONTENTS OF RECORDS; AUTHORIZATION; LAPSE; CONTINUATION; TERMINATION

LLOjibwe JCT9 STO § 9-501
9-501. Acceptance, Refusal, and Effectiveness of Financing Statements; Administration

(a) Place to file. The place to file a financing statement to perfect a security interest governed by this ordinance or another record relating to a security interest is the Leech Lake Band of Ojibwe Office of the Tribal Development Division. [However, if (1) the collateral is as-extracted collateral or timber to be cut, or (2) the financing statement is filed as a fixture filing, the collateral is goods that are or are to become fixtures, and the debtor is not a transmitting utility, then the place to file the financing statement is the office designated for the filing or recording of a record of a mortgage on the related real property.] Filing with the Tribal Development Division is not complete until the Tribal Development Division files the filing online with the filing office of another designated jurisdiction as described in Title 9.501(g).

(b) Pre-filing; acceptance and refusal. A financing statement may be filed before a security agreement is made or a security interest attaches. Receipt by the filing office of a financing statement or other record, in appropriate form by an appropriate method, and tender of the filing fee, constitutes filing, and in those cases the filing office must accept the record. If the filing office refuses the record, it must communicate that fact to the person that presented the record, as well as the reason for refusal and the date and time that the record would have otherwise been filed.

(c) Effectiveness of financing statement; minor errors. A record in appropriate form and communicated to the filing office by an appropriate method is effective even if:

(1) it is improperly refused by the filing office, except as against a purchaser of the collateral for value in reasonable reliance on the absence of the record from the files;

(2) it is incorrectly indexed by the filing office; or

(3) it has minor errors or omissions in information required to perfect a security interest, unless the errors or omissions make the record seriously misleading. If a financing statement fails sufficiently to provide the name of the debtor, the name provided does not make the financing statement seriously misleading if a search of the filing office's records under the debtor's correct name using the filing office's standard search logic, if any, would disclose the financing statement.

(d) Subordination in certain cases of reliance. If information that the filing office's regulations require to be included in a record, but that Title 9-502(a) does not require for perfection of a security interest, is incorrect at the time the record is filed, the security interest is subordinate to a conflicting perfected security interest or the interest of a purchaser other than a secured party, to the extent that

(1) the holder of the conflicting security interest gives value in reasonable reliance on the incorrect information; or

(2) the purchaser gives value and, in the case of a buyer or lessee of property capable of being possessed, takes possession, all in reasonable reliance on the incorrect information.

(e) Fees. The fee for filing and indexing a record under subsection (a) is $30. The filing office may set other fees by regulation.

(f) Regulations. The filing office is charged with administration of Chapter 5 of this ordinance. In accordance with applicable administrative and interpretive rules and after review and approval of the tribal legislative body, the filing office shall promulgate and make available the following, in both cases consistent with this ordinance and with tribal and commercial policy:

(1) regulations to the extent thought necessary for the effective implementation and enforcement of Chapter 5 of this ordinance; and

(2) an implementation manual providing guidance to persons entering into transactions governed by this ordinance.

(g) Repository for filings. The tribal legislative body may designate the filing office or offices of another jurisdiction as the repository for filings made under Chapter 5 of this ordinance. No such designation relieves the filing office of any duty imposed on it by this ordinance.

Effective July 1, 2010.

Leech Lake Ojibwe Jud. Code, T. 9, Sec. Trans. Ord. § 9-501, LLOjibwe JCT9 STO § 9-501



LLOjibwe JCT9 STO § 9-502
9-502. Contents of Records; Authorization; Lapse; Continuation; Termination

(a) Information required for perfection; other required contents. A financing statement is sufficient to perfect a security interest only if it provides the name of the debtor, the name of the secured party or a representative of the secured party, and indicates the collateral covered by the financing statement with a description, whether or not specific, that reasonably identifies the collateral or states that it covers all assets or all personal property. A financing statement or a record of a mortgage that covers as-extracted collateral or timber to be cut, or that is filed as a fixture filing and covers goods that are or are to become fixtures, is sufficient only if in addition it includes such further information as required by filing office regulation. A record that constitutes a termination statement, assigns a record, continues a record, or otherwise amends a record must comply with the regulations of the filing office for such records.

(b) Other information and filing office regulations. A record must include information other than that required by subsection (a), such as addresses for the debtor or debtors and secured party or parties, the characterization of a party as an individual or an organization and, if an organization, the type of organization, and the jurisdiction of organization of the debtor, or a trade name for the debtor, and may use other terms such as “consignor”, “lessor”, or “licensor”, to the extent permitted by and in compliance with the regulations of the filing office, and shall include such other information, such as the filing number, to the extent required by such regulations.

(c) Duration of effectiveness. A validly filed financing statement is effective for five years after the date of filing unless sooner terminated, except as follows:

(1) If the financing statement correctly indicates that it is filed in connection with a manufactured-home transaction or a public-finance transaction, it is effective for thirty years after the date of filing unless sooner terminated;

(2) If the debtor is a transmitting utility and the financing statement so indicates, the financing statement is effective until terminated; and

(3) A mortgage that is effective as a financing statement is effective until the mortgage is satisfied of record.

(d) Continuation and lapse. A financing statement lapses at the end of the period specified in subsection (c) unless a continuation statement is filed within six months before the expiration of the period. A lapsed financing statement ceases to perfect the security interest unless it is perfected otherwise before lapse, and the security interest is deemed to never have been perfected against a purchaser of the collateral for value.

(e) Effect of continuation and other amendments. Upon proper continuation, the effectiveness of a filed financing statement continues for an additional period of five years commencing on the date on which it otherwise would have become ineffective, and again may lapse unless further continued. An amendment to a financing statement other than a continuation statement does not extend the effectiveness of a financing statement, is effective only from its date of filing, and may be effective as a termination statement as prescribed in the regulations of the filing office.

(f) Termination statement. Upon the filing of a termination statement, the financing statement to which the termination statement relates ceases to be effective. A secured party or secured party of record shall file, cause to be filed, or send a termination statement in accordance with the regulations promulgated under this ordinance.

(g) Persons entitled to file. Only a person authorized by the debtor in compliance with this subsection or with regulations of the filing office, or a person otherwise designated by those regulations, may file a record that is effective. By signing a security agreement, the debtor authorizes the filing of a financing statement and amendments covering (1) the collateral described in the security agreement and (2) property that becomes collateral under Title 9-315(a)(2), relating to identifiable proceeds.

(h) Change of name; transfer of collateral; new person becoming bound. If a debtor so changes its name, or an organization its identity or corporate structure, that a filed financing statement becomes seriously misleading, the financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the change, unless an appropriate filing is made before the expiration of that time. If a security interest continues in collateral transferred by the debtor (Title 9-315(a)), a filed financing statement with respect to collateral remains effective, even if the secured party knows of or consents to the transfer.

Effective July 1, 2010.

Leech Lake Ojibwe Jud. Code, T. 9, Sec. Trans. Ord. § 9-502, LLOjibwe JCT9 STO § 9-502

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