8.9A-520 - A-520. Acceptance and refusal to accept record. - Virginia Statutes

§ 8.9A-520. Acceptance and refusal to accept record.

(a) Mandatory refusal to accept record. A filing office shall refuse toaccept a record for filing for a reason set forth in § 8.9A-516 (b) and mayrefuse to accept a record for filing only for a reason set forth in §8.9A-516 (b).

(b) Communication concerning refusal. If a filing office refuses to accept arecord for filing, it shall communicate to the person that presented therecord the fact of and reason for the refusal and the date and time therecord would have been filed had the filing office accepted it. Thecommunication must be made at the time and in the manner prescribed byfiling-office rule but, in the case of a filing office described in §8.9A-501 (a) (2), in no event more than five business days after the filingoffice receives the record.

(c) When filed financing statement effective. A filed financing statementsatisfying § 8.9A-502 (a) and (b) is effective, even if the filing office isrequired to refuse to accept it for filing under subsection (a). However, §8.9A-338 applies to a filed financing statement providing informationdescribed in § 8.9A-516 (b) (5) which is incorrect at the time the financingstatement is filed.

(d) Separate application to multiple debtors. If a record communicated to afiling office provides information that relates to more than one debtor, thispart applies as to each debtor separately.

(2000, c. 1007.)