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Session Laws, 1999
Volume 796, Page 2108   View pdf image
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(2) IF THE AMENDMENT RELATES TO AN, INITIAL FINANCING
STATEMENT FILED OR RECORDED IN A FILING OFFICE DESCRIBED IN § 9-501(A)(1),
PROVIDES THE INFORMATION SPECIFIED IN § 9-502(B).

(B) EXCEPT AS OTHERWISE PROVIDED IN § 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.

9-513. TERMINATION STATEMENT.

(A) A SECURED PARTY SHALL CAUSE THE SECURED PARTY OF RECORD FOR A
FINANCING STATEMENT TO FILE A TERMINATION STATEMENT FOR THE FINANCING
STATEMENT IF THE FINANCING STATEMENT COVERS CONSUMER GOODS AND:

(1) THERE IS NO OBLIGATION SECURED BY THE COLLATERAL COVERED
BY THE FINANCING STATEMENT AND NO COMMITMENT TO MAKE AN ADVANCE,
INCUR AN OBLIGATION. OR OTHERWISE GIVE VALUE; OR

(2) THE DEBTOR DID NOT AUTHORIZE THE FILING OF THE INITIAL
FINANCING STATEMENT.

(B) TO COMPLY WITH SUBSECTION (A), A SECURED PARTY SHALL CAUSE THE
SECURED PARTY OF RECORD TO FILE THE TERMINATION STATEMENT:

(1) WITHIN 1 MONTH AFTER THERE IS NO OBLIGATION SECURED BY THE
COLLATERAL COVERED BY THE FINANCING STATEMENT AND NO COMMITMENT TO
MAKE AN ADVANCE, INCUR AN OBLIGATION, OR OTHERWISE GIVE VALUE; OR

(2) IF EARLIER, WITHIN 20 DAYS AFTER THE SECURED PARTY RECEIVES
AN AUTHENTICATED DEMAND FROM A DEBTOR

(A) (C) IN CASES NOT GOVERNED BY SUBSECTION (A), WITHIN 20 DAYS
AFTER A SECURED PARTY RECEIVES AN AUTHENTICATED DEMAND FROM A DEBTOR,
THE SECURED PARTY SHALL CAUSE THE SECURED PARTY OF RECORD FOR A
FINANCING STATEMENT TO SEND TO THE DEBTOR A TERMINATION STATEMENT FOR
THE FINANCING STATEMENT OR FILE THE TERMINATION STATEMENT IN THE
FILING OFFICE IF:

 

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Session Laws, 1999
Volume 796, Page 2108   View pdf image
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