47-9707. Amendment of pre-effective-date financing statement; definition

345 words·~2 min read·/az/title-47/47-9707

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. In this section, "pre-effective-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 pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in article 3 of this chapter, as added in 1999. 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.

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 pre-effective-date financing statement may be amended after July 1, 2001 only if:

1. The pre-effective-date financing statement and an amendment are filed in the office specified in section 47-9501;

2. An amendment is filed in the office specified in section 47-9501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies section 47-9706, subsection C; or

3. An initial financing statement that provides the information as amended and satisfies section 47-9706, subsection C and that is filed in the office specified in section 47-9501.

D. 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 section 47-9705, subsections D and F or section 47-9706.

E. 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 July 1, 2001 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 section 47-9706, subsection C has been filed in the office specified by the law of the jurisdiction governing perfection as provided in article 3 of this chapter, as added in 1999, as the office in which to file a financing statement.