mandatory e-filing of secured transaction records
DESCRIPTION
The ABA Joint Task Force on Filing Office Operations and Search Logic held a well attended panel discussion on Saturday afternoon, April 24, from 2:00 to 3:30 PM. primarily to consider the implementation, in 2010, by the Colorado Secretary of State as the first UCC filing office in the United States to eliminate paper forms and accept only electronic records. A panel comprised of Brian Gryth, Legislative & Legal Analyst, Business Division, Colorado Secretary of State, and John McCabe, Partner, Davis Graham & Stubbs, LLP, Denver office, discussed the reasons behind the decision to go all electronic and how they plan to address the obstacles, objections and other issues arising from this significant process change. Brian began with a PowerPoint presentation of the functionality of his office's proposed electronic filing system, its robust architecture, and its functionality in processing UCC filings. During the presentation, John and the members of the audience engaged Brian in a lively conversation. While questions remain, Brian made an excellent presentation and, in some cases, a defense of the approach of the Colorado Secretary of State. Many concerns were allayed because of the extensive beta testing proposed.TRANSCRIPT
Mandatory E-Filing
of Secured
Transaction Records
1. The Law
2. How We Get There
3. Practical Aspects
The Law
The filing office can specify the method and medium of communication.
Method and Medium
The Secretary of State may require any filing to be made by electronic means.
By Electronic Means
Electronic filing is the only authorized method of delivery.
Only Method of Delivery
Federal liens are excluded from the electronic mandate.
Exclusion
Paper filings accepted only upon the Secretary’s approval of hardship cases.
Hardship
The electronic mandate will also apply to searches and certification of reports and records.
Related Issues
How We Get There
Effective Date
The same date as the new system deploys.
Attachments
We will accept: PDF and Text (.txt)Total file size of 10 megabytes (MB)Maximum of 50 files
ACH
Will be accepted
System-to-System Transfer
Users will be able to submit filings using an XML data transfer process.
Notice
Practical Aspects
Efficiency
Paper FilingElectronic
FilingVS.
How a Document Becomes a Record in a Paper Based World
How a Document Becomes a Record in a Paper Based World
1 2 3
4 5 6
7 8 9
How a Document Becomes a Record in an Electronic World
Filed Record
Public User
Online Filing Application
Online Payment
Historical Experience
Moving Forward
Mobile
On-line
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