Upon the filing of an original financing statement the status of the parties and the status of the financing statement shall be as follows.

1. (1) Status of secured party. The status of a secured party named on the document shall be active, except that if the document names a total assignee, a secured party/assignor shall not have an active status as a secured party and a secured party/total assignee shall have active status as a secured party.
2. (2) Status of debtor. The status of a debtor named on the document shall be active.
3. (3) Status of financing statement. The status of the financing statement shall be active. A lapse date shall be calculated, five years from the file date, unless otherwise required by statute.

Source Note:The provisions of this §95.406 adopted to be effective November 1, 1998, 23 TexReg 9727.