440.9512 Amendment of financing statement.

271 words·~1 min read·/mi/chapter-440/440-9512

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Sec. 9512.

(1)Subject to section 9509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (5), otherwise amend the information provided in, a financing statement by filing an amendment that does both of the following:

(a)Identifies, by its file number, and, if applicable, by liber and page, the initial financing statement to which the amendment relates.

(b)If the amendment relates to an initial financing statement filed or recorded in a filing office described in section 9501(1)(a), provides the date that the initial financing statement was filed or recorded and the information specified in section 9502(2).

(2)Except as otherwise provided in section 9515, the filing of an amendment does not extend the period of effectiveness of the financing statement.

(3)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.

(4)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.

(5)An amendment is ineffective to the extent 1 or more of the following apply to it:

(a)It purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement.

(b)It purports to delete all secured parties of record and fails to provide the name of a new secured party of record.

History: Add. 2000, Act 348 , Eff. July 1, 2001