Kentucky Statutes 355.9-707 – Amendment of pre-effective-date financing statement
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(1) In this section, “pre-effective-date financing statement” means a financing statement filed before July 1, 2001.
(2) On or after July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend 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 of this Article. 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.
(3) Except as otherwise provided in subsection (4) of this section, if the law of this Commonwealth governs perfection of a security interest, the information in a pre- effective-date financing statement may be amended on or after July 1, 2001, only if:
(a) The pre-effective-date financing statement and an amendment are filed in the office specified in KRS § 355.9-501;
(b) An amendment is filed in the office specified in KRS § 355.9-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies KRS § 355.9-706(3); or
(c) An initial financing statement that provides the information as amended and satisfies KRS § 355.9-706(3) is filed in the office specified in KRS § 355.9-501.
(4) If the law of this Commonwealth governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under KRS § 355.9-705(4) and (6) or 355.9-706.
(5) Whether or not the law of this Commonwealth governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this Commonwealth may be terminated on or 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 KRS § 355.9-706(3) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 of this article as the office in which to file a financing statement.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 153, effective July 1, 2001.
(2) On or after July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend 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 of this Article. 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 Kentucky Statutes 355.9-707
- 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.
(3) Except as otherwise provided in subsection (4) of this section, if the law of this Commonwealth governs perfection of a security interest, the information in a pre- effective-date financing statement may be amended on or after July 1, 2001, only if:
(a) The pre-effective-date financing statement and an amendment are filed in the office specified in KRS § 355.9-501;
(b) An amendment is filed in the office specified in KRS § 355.9-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies KRS § 355.9-706(3); or
(c) An initial financing statement that provides the information as amended and satisfies KRS § 355.9-706(3) is filed in the office specified in KRS § 355.9-501.
(4) If the law of this Commonwealth governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under KRS § 355.9-705(4) and (6) or 355.9-706.
(5) Whether or not the law of this Commonwealth governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this Commonwealth may be terminated on or 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 KRS § 355.9-706(3) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 of this article as the office in which to file a financing statement.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 153, effective July 1, 2001.