Transmitting utility means any utility (including its control area operators) or RTO (including PJM) that transmits Energy from the Interconnection Point to the Delivery Point. Loading... Transmitting utility means a “transmitting utility” as such term is defined in Section 9-102 (a) (80) of the UCC.
What is a “transmitting utility?
“ (23) Transmitting utility .—The term ‘transmitting utility’ means any electric utility, qualifying cogeneration facility, qualifying small power production facility, or Federal power marketing agency which owns or operates electric power transmission facilities which are used for the sale of electric energy at wholesale.” Pars. (26) to (29). Pub.
What is the effective life of a UCC?
Yet even among the outliers, there are outliers. Only West Virginia chose a 40-year effective life for manufactured home and public finance transactions. And Georgia has chosen to limit transmitting utility UCC filings to five years.
Is your mobile phone a transmitting utility?
By the above definition, your mobile phone service provider is a transmitting utility, but the manufacturer of your mobile phone probably is not. Amtrak, a passenger rail service, is a transmitting utility, but Greyhound, a passenger bus service provider, is not.
What makes a UCC form standard?
Q: What makes a UCC form Standard? A: The International Association of Commercial Administrators (IACA) forms are the only acceptable forms for filing UCC financing statements. Only one copy is required. Q: What is the mailing address for UCC filings and search requests?
What is equipment under the UCC?
(33) "Equipment" means goods other than inventory, farm products, or consumer goods.
What is a public finance transaction under the UCC?
Pursuant to the Uniform Commercial Code, "Public-finance transaction" means a secured transaction in connection with which debt securities are issued, and all or a portion of the securities issued have an initial stated maturity of at least 20 years.
Do you need to terminate a lapsed UCC?
A UCC1 financing statement is effective for a period of five years. A record that is not continued before its lapse date will cease to be effective, costing the secured party their perfected status and perhaps their priority position to collect. Once a financing statement has lapsed, it cannot be revived.
How long is a UCC fixture filing good for?
DURATION AND EFFECTIVENESS OF FINANCING STATEMENT; EFFECT OF LAPSED FINANCING STATEMENT. (a) [Five-year effectiveness.] Except as otherwise provided in subsections (b), (e), (f), and (g), a filed financing statement is effective for a period of five years after the date of filing.
What is a transmitting utility?
(23) Transmitting utility .— The term “transmitting utility” means an entity (including an entity described in section 824(f) of this title ) that owns, operates, or controls facilities used for the transmission of electric energy— (A) in interstate commerce; (B) for the sale of electric energy at wholesale.
How do I remove a UCC lien?
You can remove a UCC filing when you've repaid your business loan in full. Once you repay the debt, the lender should remove the lien from your business assets. If not, you may request that the lender files a UCC-3 to terminate the lien.
How many times can a UCC be continued?
The UCC clearly permits a creditor to use successive, timely filed, continuation statements to maintain perfection for an unlimited period of time—all the creditor has to do is keep filing a continuation every five years.
Can a terminated UCC be continued?
A purportedly terminated financing statement can be amended, assigned, or even continued. If continued, the record will remain active for another five years.
What's the difference between UCC-1 and UCC3?
A UCC3 is a change statement to a UCC1. It's an amendment filing to an original UCC1 financing statement that changes or adds information to the originally filed UCC1. It's a filing tool secured parties use to manage their UCC portfolio to maintain their perfected security interests.
What are the different types of UCC filings?
Four types of UCC-3 forms:Amendment. An amendment makes changes to errors or standard adjustments on the UCC-1, which could be for the secured party, debtor or collateral.Assignment. ... Continuation. ... Termination.
What is a UCC-1 fixture lien?
A UCC-1 Lien or Fixture Filing is present in all leased and PPA agreements. A lien is a type of security interest that is granted over a piece of property to give the lender protection in case any problems arise from the borrower.
Is a fixture filing necessary?
A fixture filing must, in addition to including all the usual UCC-1 information, state that it covers fixtures, be filed in the real property records, provide a sufficient description of the real property such as would be required in the jurisdiction at issue (i.e., lot and block: metes and bounds description is not ...
Does UCC Article 9 apply to consumer transactions?
Revised section 9-102(26) defines a consumer transaction as follows: "'Consumer transaction' means a transaction in which (i) an individual incurs an obligation primarily for personal, family, or household purposes, (ii) a security interest secures the obligation, and (iii) the collateral is held or acquired primarily ...
What types of contracts fall under Article 2 of UCC?
Article 2 applies to contracts for the sale of goods. [2] Goods are things that can be identified when the contract is formed and can be moved. [3] Pens, boats, computers, cars and animals are all “goods.” In contrast, real estate, services, and intangibles (such as intellectual property) are not “goods.”
What is Article 9 of the Uniform Commercial Code?
What Is Article 9? Article 9 is an article under the Uniform Commercial Code (UCC) that governs secured transactions, or those transactions that pair a debt with the creditor's interest in the secured property.
What are the 3 requirements for a creditor to have an enforceable security interest?
For a security interest to attach, the following events must have occurred: (A) value must have been given by the Secured Party; (B) the Debtor must have rights in the collateral; and (C) the Secured Party must have been granted a security interest in the collateral.
What does "transmitting utility" mean?
Transmitting utility means, with respect to a Facility, the local electric utility company in whose territory the Facility is located.
What is a transmission utility?
Transmitting utility means any person primarily engaged in the railroad, street railway or trolley bus business, the electric or electronics communications transmission business, the transmission of goods by pipeline, or the transmission or the production and transmission of electricity, steam, gas or water, or the provision of sewer service.
Is handwriting acceptable for UCC?
Handwriting is not an acceptable means of completing any UCC form. (8) Transmitting utility.
What is UCC1F?
Farm Products Financing Statement, using form UCC1F – A farmer (debtor) may use a future crop or sale of livestock as collateral with a creditor (secured party) to receive a loan for operating expenses. Amendments (changes) may be filed using form UCC3F.
What is a UCC1 loan?
Financing Statement, using form UCC1 or by using the online filing application– This financing statement is used as an agreement between a lender (secured party) and a borrower (debtor), with the borrower using collateral for a loan. Amendments (changes) to this type of lien may be filed using form UCC3.
What is encumbrance in credit?
An interest or encumbrance held by a creditor against a debtor’s real or personal property for the satisfaction of a debt.
What is the Idaho code for transmitting utility?
Per Idaho Code 28-9-102a transmitting utility is a person primarily engaged in the business of operating a railroad, subway, street railway, or trolley bus, or transmitting communications electrically, electromagnetically, or by light or transmitting goods by pipeline or sewer, or transmitting or producing and transmitting electricity, steam, gas or water.
What form do you use to file a commodity lien?
Amendments (changes) to this type of lien may be filed using form UCC3. Commodity lien, using form C1 – An individual may file this against a company to require payment for materials provided. Generally used by animal feed suppliers.
What is electric utility?
The term “ electric utility ” means a person or Federal or State agency (including an entity described in section 824 (f) of this title) that sells electric energy. 1. (B) The term “ electric utility ” includes the Tennessee Valley Authority and each Federal power marketing administration. 1.
What is a transmission organization?
The term “ Transmission Organization ” means a Regional Transmission Organization, Independent System Operator, independent transmission provider, or other transmission organization finally approved by the Commission for the operation of transmission facilities. (June 10, 1920, ch. 285, pt.
What section of the Federal Power Commission is terminated?
Federal Power Commission terminated and functions, personnel, property, funds, etc., transferred to Secretary of Energy (except for certain functions transferred to Federal Energy Regulatory Commission) by sections 7151 (b), 7171 (a), 7172 (a), 7291, and 7293 of Title 42, The Public Health and Welfare.
When was the Interstate Commerce Commission abolished?
L. 104–88, to Surface Transportation Board effective Jan. 1, 1996 , by section 1302 of Title 49, Transportation, and section 101 of Pub. L. 104–88, set out as a note under section 1301 of Title 49. References to Interstate Commerce Commission deemed to refer to Surface Transportation Board, a member or employee of the Board, or Secretary of Transportation, as appropriate, see section 205 of Pub. L. 104–88, set out as a note under section 1301 of Title 49.
What is wholesale transmission services?
The term “ wholesale transmission services ” means the transmission of electric energy sold, or to be sold, at wholesale in interstate commerce. 1. (25) Exempt wholesale generator.—. The term “ exempt wholesale generator ” shall have the meaning provided by section 79z–5a [2] of title 15. 1. (26) Electric cooperative.—.
What is a transmitting utility?
Transmitting, or producing and transmitting, electricity, steam, gas or water.
What does "transmitting" mean?
Transmitting, or producing and transmitting, electricity, steam, gas or water.
What is a party to a transaction?
A party* to the transaction is a State, or a governmental unit of a State. * Debtor, obligor, secured party, account debtor or other person obligated on collateral, assignor or assignee of a secured obligation, or assignor or assignee of a security interest.
What is public finance transaction?
A “public finance transaction” is defined as a secured transaction in connection with which all of the following characteristics are applied: Debt securities are issued; All or part of the issued securities have a stated initial maturity date of 20 years or more; and.
What is a manufactured home transaction?
Manufactured Home Transaction#N#The definition of a “manufactured home transaction” under the model act is a secured transaction in which: 1 A purchase-money security interest is created in a manufactured home, not held as inventory; or 2 A manufactured home, not held as inventory, is the primary collateral.
