South Dakota Codified Laws 57A-9-807. Amendment of pre-effective-date financing statement
(a) In this section, “pre-effective-date financing statement” means a financing statement filed before July 1, 2013.
(b) After SL 2012, ch 238 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 chapter 57A-9 as amended by SL 2012, ch 238. 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-9-807
- 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 SL 2012, ch 238 takes effect 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-9-806(c); or
(3) An initial financing statement that provides the information as amended and satisfies § 57A-9-806(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-9-805(c) and (e) or § 57A-9-806.
(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 SL 2012, ch 238 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 § 57A-9-806(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in chapter 57A-9 as amended by SL 2012, ch 238 as the office in which to file a financing statement.
Source: SL 2012, ch 238, § 9-807, eff. July 1, 2013.