N.Y. Uniform Commercial Code 9-707 – Amendment of Pre-effective-date Financing Statement
Section 9–707. Amendment of Pre-effective-date Financing Statement.
Terms Used In N.Y. Uniform Commercial Code 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.
(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.