Tennessee Code Annotated

Title 47: Commercial Instruments and Transactions

Chapter 9: Secured Transactions

Part 5: Filing

TCA 47-9-516: What constitutes filing -- Effectiveness of filing.

(a)  What constitutes filing.  Except as otherwise provided in subsection (b), communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing.

(b)  Refusal to accept record; filing does not occur.  Filing does not occur with respect to a record that a filing office refuses to accept because:

     (1)  The record is not communicated by a method or medium of communication authorized by the filing office;

     (2)  The amount that is tendered is not equal to or greater than the sum of the applicable filing fee plus recording tax under § 67-4-409(b), if any, based on the representation of indebtedness required thereunder;

     (3)  The filing office is unable to index the record because:

          (A)   In the case of an initial financing statement, the record does not provide a name for the debtor;

          (B)  In the case of an amendment or correction statement, the record:

                (i)  Does not identify the initial financing statement as required by § 47-9-512 or § 47-9-518, as applicable; or

                (ii)  Identifies an initial financing statement whose effectiveness has lapsed under § 47-9-515;

          (C)  In the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's last name; or

          (D)  In the case of a record filed or recorded in the filing office described in § 47-9-501(a)(1), the record does not provide the name of the debtor and a sufficient description of the real property to which it relates;

     (4)  In the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record;

     (5)  In the case of an initial financing statement or an amendment that provides a name of a debtor which was not previously provided in the financing statement to which the amendment relates, the record does not:

          (A)  Provide a mailing address for the debtor; or

          (B)  Indicate whether the debtor is an individual or an organization;

     (6)  In the case of an assignment reflected in an initial financing statement under § 47-9-514(a) or an amendment filed under § 47-9-514(b), the record does not provide a name and mailing address for the assignee;

     (7)  In the case of a continuation statement, the record is not filed within the six-month period prescribed by § 47-9-515(d); or

     (8)  The record does not contain, either on its face or in an accompanying sworn statement, the language required under § 67-4-409(b)(5)(C) with respect to the recording tax imposed under § 67-4-409(b), if any.

(c)  Rules applicable to subsection (b).  For purposes of subsection (b):

     (1)  A record does not provide information if the filing office is unable to read or decipher the information; and

     (2)  A record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by § 47-9-512, § 47-9-514, or § 47-9-518, is an initial financing statement.

(d)   Refusal to accept record; record effective as filed record.  A record that is communicated to the filing office with tender of the filing fee, but which the filing office refuses to accept for a reason other than one set forth in subsection (b), is effective as a filed record except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files.

History: [Acts 2000, ch. 846, § 1; 2008, ch. 648, § 2.]