9-707 - Amendment of Pre-effective-date Financing Statement

Section 9--707. Amendment of Pre-effective-date Financing Statement. (a) "Pre-effective-date financing statement". In  this  section,  "pre-effective-date financing statement"  means  a  financing  statement  filed before Revised Article 9 takes effect. (b) Applicable law. After Revised Article 9 takes effect, 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 Part 3. 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) Method of amending: general rule. Except as otherwise provided  in  subsection  (d),  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 Revised Article 9 takes effect only if: (1) the  pre-effective-date  financing statement and an amendment are filed in the office specified in Section 9--501; (2) an amendment is filed in  the  office  specified  in  Section 9--501  concurrently with, or after the filing in that office of, an initial financing  statement  that  satisfies  Section 9--706 (c); or (3) an  initial financing statement that provides the information as amended and satisfies Section 9--706 (c) is filed  in  the office specified in Section 9--501. (d) Method of amending: continuation. 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 9--705 (d) and (f) or 9--706. (e) Method  of  amending:  additional termination rule. 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 Revised Article 9 takes effect 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  9--706 (c) has been filed in the office specified by  the law of the jurisdiction governing perfection as provided in  Part  3  as the office in which to file a financing statement.