§ 9-502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.

373 words·~2 min read·/de/title-6/chapter-9/9-502

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

(a)Sufficiency of financing statement. — Subject to subsection (b), a financing statement is sufficient only if it:

(1)provides the name of the debtor;

(2)provides the name of the secured party or a representative of the secured party; and

(3)indicates the collateral covered by the financing statement.

(b)Real property-related financing statements. — Except as otherwise provided in Section 9-501(b), to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection

(a)and also:

(1)indicate that it covers this type of collateral;

(2)indicate that it is to be filed in the real property records;

(3)provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this State if the description were contained in a record of the mortgage of the real property; and

(4)if the debtor does not have an interest of record in the real property, provide the name of a record owner.

(c)Record of mortgage as financing statement. — A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:

(1)the record indicates the goods or accounts that it covers;

(2)the goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;

(3)the record satisfies the requirements for a financing statement in this section, but the record need not indicate that it is to be filed in the real property records; and

(4)the record is duly recorded.

A record of a mortgage is not a financing statement but is effective as a financing statement as provided in § 9-502(c) of this title.

(d)Filing before security agreement or attachment. — A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.