TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 9

SECURED TRANSACTIONS

PART 5.

FILING

28-9-514.  Assignment of powers of secured party of record. (a) Except as otherwise provided in subsection (c) of this section, an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.

(b)  Except as otherwise provided in subsection (c) of this section, a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:

(1)  Identifies, by its file number, the initial financing statement to which it relates;

(2)  Provides the name of the assignor; and

(3)  Provides the name and mailing address of the assignee.

(c)  An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under section 28-9-502(c) may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than the uniform commercial code.

History:

[28-9-514, added 2001, ch. 208, sec. 2, p. 768.]