Arizona Laws 47-9806. Amendment of pre-effective date financing statement; definition
A. In this section, "pre-effective date financing statement" means a financing statement filed before the effective date of this section.
Terms Used In Arizona Laws 47-9806
- 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.
- Collateral: means the property subject to a security interest or agricultural lien. See Arizona Laws 47-9102
- Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Arizona Laws 47-9102
- 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 a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Arizona Laws 47-9102
- Termination statement: means an amendment of a financing statement that:
(a) Identifies, by its file number, the initial financing statement to which it relates; and
(b) Indicates either that it is a termination statement or that the identified financing statement is no longer effective. See Arizona Laws 47-9102
B. Beginning on the effective date of this section, 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 this chapter, as amended in 2014. 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. Except as otherwise provided in subsection D of this section, 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 the effective date of this section only if:
1. The pre-effective date financing statement and an amendment are filed in the office specified in section 47-9501;
2. An amendment is filed in the office specified in section 47-9501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies section 47-9805, subsection C; or
3. An initial financing statement that provides the information as amended and satisfies section 47-9805, subsection C is filed in the office specified in section 47-9501.
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 section 47-9804, subsections C and E or section 47-9805.
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 on or after the effective date of this section 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 47-9805, subsection C has been filed in the office specified by the law of the jurisdiction governing perfection as provided in this chapter, as amended in 2014, as the office in which to file a financing statement.