TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 9

SECURED TRANSACTIONS

PART 7.

TRANSITION

28-9-707.  Amendment of preeffective-date financing statement. A person may file an initial financing statement or a continuation statement under this part if:

(a)  In this section, "preeffective-date financing statement" means a financing statement filed before July 1, 2001.

(b)  After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in part 3. However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.

(c)  Except as otherwise provided in subsection (d) of this section, if the law of this state governs perfection of a security interest, the information in a preeffective-date financing statement may be amended only if:

(1)  The preeffective-date financing statement and an amendment are filed in the office specified in section 28-9-501;

(2)  An amendment is filed in the office specified in section 28-9-501, concurrently with, or after the filing in that office of, an initial financing statement that satisfies the provisions of subsection (c) of section 28-9-706; or

(3)  An initial financing statement that provides the information as amended and satisfies the provisions of subsection (c) of section 28-9-706, is filed in the office specified in section 28-9-501.

(d)  If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only pursuant to the provisions of subsections (d) and (f) of section 28-9-705, or section 28-9-706.

(e)  Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this state may be terminated by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies the provisions of subsection (c) of section 28-9-706, has been filed in the office specified by the law of the jurisdiction governing perfection as provided in part 3 as the office in which to file a financing statement.

History:

[28-9-707, added 2001, ch. 208, sec. 2, p. 799; am. 2004, ch. 304, sec. 2, p. 854.]