Section 400.9-512

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, see footnote   

  400.9-512.  Amendment of financing statement. — (a)  Subject to section 400.9-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e), otherwise amend the information provided in, a financing statement by filing an amendment that:

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

  (2)  If the amendment relates to an initial financing statement filed or recorded in a filing office described in section 400.9-501(a)(1), provides the information specified in section 400.9-502(b).

  (b)  Except as otherwise provided in section 400.9-515, the filing of an amendment does not extend the period of effectiveness of the financing statement.

  (c)  A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.

  (d)  A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.

  (e)  An amendment is ineffective to the extent it:

  (1)  Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or

  (2)  Purports to delete all secured parties of record and fails to provide the name of a new secured party of record.

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(L. 2001 S.B. 288)

Effective 7-01-01