47-9806. Amendment of pre-effective date financing statement; definition

360 words·~2 min read·/az/title-47/47-9806

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 the effective date of this section.

B. Beginning on the effective date of this section, 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 this chapter, as amended in 2014. 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 the effective date of this section 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 47-9805, subsection C; or

3. An initial financing statement that provides the information as amended and satisfies section 47-9805, subsection C 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 47-9804, subsections C and E or section 47-9805.

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 on or after the effective date of this section 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 47-9805, subsection C has been filed in the office specified by the law of the jurisdiction governing perfection as provided in this chapter, as amended in 2014, as the office in which to file a financing statement.