Vermont Statutes Title 9 Sec. 9-707
Terms Used In Vermont Statutes Title 9 Sec. 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: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 9—707. Amendment of preeffective-date financing statement
(a) In this section and in section 9—706 of this title, “preeffective-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 preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3 of this article on and after July 1, 2001. However, the effectiveness of a preeffective-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 preeffective-date financing statement may be amended after July 1, 2001 only if:
(1) the preeffective-date financing statement and an amendment are filed in the office specified in section 9—501 of this title as in effect on and after July 1, 2001;
(2) an amendment is filed in the office specified in section 9—501 of this title as in effect on and after July 1, 2001 concurrently with, or after the filing in that office of, an initial financing statement that satisfies subsection 9—706(b) of this title; or
(3) an initial financing statement that provides the information as amended, and satisfies subsection 9—706(b) of this title, is filed in the office specified in section 9—501 of this title as in effect on and after July 1, 2001.
(d) If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under subsections 9—705(d) and (f) or 9—706 of this title.
(e) Whether or not the law of this section governs perfection of a security interest, the effectiveness of a preeffective-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 preeffective-date financing statement is filed, unless an initial financing statement that satisfies subsection 9—706(b) of this title has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 of this article as in effect on and after July 1, 2001, as the office in which to file a financing statement. (Added 2001, No. 46, § 12.)