Current through Register Vol. 35, No. 18, September 24, 2024
Upon the filing of an amendment the status of the parties and
the status of the financing statement shall be as follows.
A. Status of secured party and debtor. An
amendment shall affect the status of its debtor(s) and secured party(ies) as
follows:
(1) Collateral amendment or address
change. An amendment that amends only the collateral description or one or more
addresses has no effect upon the status of any debtor or secured party. If a
statement of amendment is authorized by less than all of the secured parties
(or, in the case of an amendment that adds collateral, less than all of the
debtors), the statement affects only the interests of each authorizing secured
party (or debtor).
(2) Debtor name
change. An amendment that changes a debtor's name has no effect on the status
of any debtor or secured party, except that the related initial financing
statement and all UCC documents that include an identification of such initial
financing statement shall be cross-indexed in the UCC information management
system so that a search under either the debtor's old name or the debtor's new
name will reveal such initial financing statement and such related UCC
documents. Such a statement of amendment affects only the rights of its
authorizing secured party(ies).
(3)
Secured party name change. An amendment that changes the name of a secured
party has no effect on the status of any debtor or any secured party, but the
new name is added to the index as if it were a new secured party of
record.
(4) Addition of a debtor.
An amendment that adds a new debtor name has no effect upon the status of any
party to the financing statement, except the new debtor name shall be added as
a new debtor on the financing statement. The addition shall affect only the
rights of the secured party(ies) authorizing the statement of
amendment.
(5) Addition of a
secured party. An amendment that adds a new secured party shall not affect the
status of any party to the financing statement, except that the new secured
party name shall be added as a new secured party on the financing
statement.
(6) Deletion of a
debtor. An amendment that deletes a debtor has no effect on the status of any
party to the financing statement, even if the amendment purports to delete all
debtors.
(7) Deletion of a secured
party. An amendment that deletes a secured party of record has no effect on the
status of any party to the financing statement, even if the amendment purports
to delete all secured parties of record.
B. Status of financing statement. An
amendment shall have no effect upon the status of the financing statement,
except that a continuation may extend the period of effectiveness of a
financing statement.
C. Multiple
actions are permissible on an amendment in any combination (such as a debtor
name change and a continuation) except for an amendment that is filed to
continue and terminate a filing. There is no additional fee for amendments with
multiple actions.
D. When an
amendment is filed to change the name(s) of the debtor(s) and/or secured
party(ies) or their respective addresses, the filing office will add to the
record new debtor(s) or secured party(ies) as presented on the amendment. The
filing office will not change the spelling of a debtor(s) or secured party(ies)
or addresses that exist on the record to conform to the spelling presented on
the amendment.
