TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 9

SECURED TRANSACTIONS

PART 5.

FILING

28-9-502.  Contents of financing statement — Record of mortgage as financing statement — Time of filing financing statement — Farm products. (a) Subject to subsection (b) of this section, a financing statement is sufficient only if it:

(1)  Provides the name of the debtor;

(2)  Provides the name of the secured party or a representative of the secured party; and

(3)  Indicates the collateral covered by the financing statement.

(b)  Except as otherwise provided in section 28-9-501(b), Idaho Code, to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (a) of this section and also:

(1)  Indicate that it covers this type of collateral;

(2)  Indicate that it is to be filed in the real property records;

(3)  Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and

(4)  If the debtor does not have an interest of record in the real property, provide the name of a record owner.

(c)  A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:

(1)  The record indicates the goods or accounts that it covers;

(2)  The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;

(3)  The record satisfies the requirements for a financing statement in this section, but:

(A)  the record need not indicate that it is to be filed in the real property records; and

(B)  the record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom section 28-9-503(a)(4), Idaho Code, applies; and

(4)  The record is recorded.

(d)  A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.

(e)  A financing statement covering farm products is sufficient if it:

(1)  Contains the names and addresses of both the debtor and the secured party;

(2)  Is signed, authorized or otherwise authenticated by the debtor;

(3)  Contains the debtor’s social security number or other unique number, combination of numbers and letters, or other identifier selected by the secretary of state using a selection system or method approved by the secretary of agriculture, or in the case of a debtor doing business other than as an individual, the debtor’s internal revenue service taxpayer identification number or other approved unique identifier;

(4)  Contains a description by category of the farm products subject to the security interest and the amount of such products, where applicable;

(5)  Indicates the county or counties in which the farm products are produced or located.

(f)  A financing statement covering farm products must be amended in writing and similarly signed, authorized or authenticated, and filed, to reflect any material changes. In the event such form is not incorporated within the financing statement, the effectiveness and continuation of that form is to be treated as if it were a part of the financing statement with which it is filed.

(g)  If the financing statement covering farm products, or an amendment to such statement, is filed electronically, neither the debtor’s nor the secured party’s signature shall be required.

(h)  In order to terminate a financing statement covering farm products, the amendment must be terminated in writing and signed or authenticated by the secured party.

History:

[28-9-502, added 2001, ch. 208, sec. 2, p. 762; am. 2007, ch. 317, sec. 1, p. 945; am. 2012, ch. 145, sec. 10, p. 398.]