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UNITED STATES OMB APPROVAL
SECURITIES AND EXCHANGE COMMISSION -------------------------------
WASHINGTON, D.C. 20549 OMB Number: 3235-0058
Expires: January 31, 2005
Estimated average burden
hours per response.........2.50
FORM 12B-25 -------------------------------
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SEC FILE NUMBER
333-43091-11
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NOTIFICATION OF LATE FILING CUSIP NUMBER
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(CHECK ONE): [X] Form 10-K [ ] Form 20-F [ ] Form 10-Q [ ] Form N-SAR
For Period Ended: December 31, 2002
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[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: _________________________
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READ INSTRUCTION (ON BACK PAGE) BEFORE PREPARING FORM. PLEASE PRINT OR TYPE.
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY
THAT THE COMMISSION HAS VERIFIED ANY INFORMATION CONTAINED HEREIN.
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I - REGISTRANT INFORMATION
Bear Stearns Asset Backed Securities Trust, Asset-Backed Certificates,
Series 2001-AC2 Trust
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Full Name of Registrant
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Former Name if Applicable
c/o Wells Fargo Bank Minnesota, N.A., 9062 Old Annaplis Road
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Address of Principal Executive Office (STREET AND NUMBER)
Columbia, MD 21045
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City, State and Zip Code
PART II - RULES 12B-25(B) AND (C)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reason described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effor or
expense
[X] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, Form 11-K or Form NSAR, or
portion thereof, will be filed on or before the fifteenth
calendar day following the prescribed due date; or the subject
quarterly report or transition report on Form 10-Q, or portion
thereof will be filed on or before the fifth calendar day
following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail why forms 10-K, 20-F, 11-K, 10-Q, N-SAR, or the
transition report or portion thereof, could not be filed within the prescribed
time period.
Bear Stearns Asset Backed Securities Inc. is not able to file on behalf of the
registrant on or before March 31, 2003 the annual report on Form 10-K of the
registrant without unreasonable effort or expense.
Despite the best efforts of Bear Stearns Asset Backed Securities, Inc., it was
not able to obtain from Wells Fargo Bank Minnesota, National Association, as
Trustee, the documentation of servicers which is required to be included in the
annual report and necessary to conduct the annual review required by the Pooling
and Servicing Agreement before the filing date prescribed by the Commission for
the annual report. A statement from Wells Fargo is attached as an exhibit. The
missing documentation is necessary to identify any deficiencies which must be
disclosed in the Form 10-K annual report and for an officer of Bear Stearns
Asset Backed Securities, Inc. to make the required corresponding certification.
Therefore, Bear Stearns Asset Backed Securities, Inc. cannot complete the annual
report without unreasonable effort or expense. Bear Stearns Asset Backed
Securities, Inc. intends to file on behalf of the registrant on or before April
15, 2003 a complete annual report on Form 10-K.
(Attach extra Sheets if Needed)
Persons who are to respond to the collection of
SEC 1344 (11-02) information contained In this form are not required to
respond unless the form displays a currently valid OMB
control number.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Joseph T. Jurkowski, Jr. (212) 272-3358
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or l5(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed ? If answer is
no, identify report(s). Yes [X] No [ ]
___________________________________________________________________________
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof?
Yes [ ] No [ ]
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
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Bear Stearns Asset Backed Securities Trust, Asset-Backed Certificates,
Series 2001-AC2 Trust
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date April 1, 2003 By /s/ Joseph T. Jurkowski, Jr.
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Name: Joseph T. Jurkowski, Jr.
Title: Vice President
Company: Bear Stearns Asset Backed
Securities, Inc
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTENTION
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INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
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GENERAL INSTRUCTIONS
1. This form is required by Rule l2b-25 (17 CFR 240.12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the
General Rules and Regulations under the Act. The information contained in
or filed with the form will be made a matter of public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on Form 12b-25 but need
not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
5. ELECTRONIC FILERS: This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers
unable to submit reports within the time period prescribed due to
difficulties in electronic filing should comply with either Rule 201 or
Rule 202 of Regulation S-T (ss.232.201 or ss.232.202 of this chapter) or
apply for an adjustment in filing date pursuant to Rule 13(b) of Regulation
S-T (ss.232.13(b) of this chapter).
[LETTERHEAD OF WELLS FARGO]
Wells Fargo Bank Minnesota, National Association is unable to provide the annual
statement of compliance and/or the annual accountant's report of each underlying
servicer to Bear Stearns Asset Backed Securities Inc. on or before March 31,
2003 as requested. Wells Fargo has not yet received the requested documents from
each underlying servicer.
Date: 3/31/03
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WELLS FARGO BANK MINNESOTA,
NATIONAL ASSOCIATION
By: /s/ Brett Handelman
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Name: Brett Handelman
Title: Vice President