South Dakota Codified Laws 57A-9-707. Pre-effective-date financing statement–Amendment, continuation, termination
(a) In this section, “pre–effective–date financing statement” means a financing statement filed before July 1, 2001.
(b) After July 1, 2001, 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.
Terms Used In South Dakota Codified Laws 57A-9-707
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(c) 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 July 1, 2001, only if:
(1) The pre–effective–date financing statement and an amendment are filed in the office specified in § 57A-9-501;
(2) An amendment is filed in the office specified in § 57A-9-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies § 57A-9-706(c); or
(3) An initial financing statement that provides the information as amended and satisfies § 57A-9-706(c) is filed in the office specified in § 57A-9-501.
(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 § 57A-9-705(d) and (f) or 57A-9-706.
(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 after July 1, 2001, 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 § 57A-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.
Source: SL 2000, ch 231.