§ 70A-9a-707. Amendment of financing statement.

(1) In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect.

(2) After this act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3, Perfection and Priority. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.

(3) Except as otherwise provided in Subsection (4), if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this act takes effect only if:

(a) the pre-effective-date financing statement and an amendment are filed in the office specified in Section 70A-9a-501;

(b) an amendment is filed in the office specified in Section 70A-9a-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies Subsection 70A-9a-706(3); or

(c) an initial financing statement that provides the information as amended and satisfies Subsection 70A-9a-706(3) is filed in the office specified in Section 70A-9a-501.

(4) If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under Subsections 70A-9a-705(4) and (6) or Section 70A-9a-706.

(5) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after this act takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies Subsection 70A-9a-706(3) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3, Perfection and Priority, as the office in which to file a financing statement.

Enacted by Chapter 252, 2000 General Session