(1) A financing statement is sufficient if it gives the names of the debtor and the secured party, is signed by the debtor, gives an address of the secured party from which information concerning the security interest may be obtained, gives a mailing address and the county of residence of the debtor, and contains a statement dence of the debtor, and contains a statement indicating the types or describing the items of collateral. A financing statement may be filed before a security agreement is made or a security interest otherwise attaches. If the financing statement covers timber to be cut, minerals or the like (including oil and gas) or accounts subject to 30-9-103(5), or farm products or if the financing statement is filed as a fixture filing (30-9-313) and the collateral is goods which are or are to become fixtures, the statement must also complt also comply with subsection (5). A copy of the security agreement is sufficient as a financing statement if it contains the above information and is signed by the debtor.
(2) A financing statement which otherwise complies with subsection (1)
is sufficient when it is signed by the secured party instead of the debtor
if it is filed to perfect a security interest in:
(a) collateral already subject to a security interest in another jurisdiction
when it is brought into this state, or when the debtor's location is changed
to this state. Such a financing statement must state that the collateral
was brought into this state or that the debtor's location was changed to
this state under such circumstances.
(b) proceeds under 30-9-306 if the security inte security interest in the original collateral
was perfected. Such a financing statement must describe the original collateral.
(c) collateral as to which the filing has lapsed, if within 5 years of
the lapse; or
(d) collateral acquired after a change of name, identity, or corporate
structure of the debtor (subsection (7)).
(3) A form substant3) A form substantially as follows is sufficient to comply with
subsection (1):
Name of debtor (or assignor) ....
Social security number or tax identification number ....
Address ....
Name of secured party (or assignee) ....
Address ....
1. This financing statement covers the following types (or items) of property:
(Describe) ....
2. (If collateral is crops, livestock, or unmanufactured agricultural products)
The above described crops, livestock, or unmanufactured agricultural products
are growing, being raised, or being produced or are to be grown, raised,
or produced on:
(Describe Real Estate and Counstate and County Where Located) ....
3. (If applicable) The above goods are to become fixtures on:
(Describe Real Estate) ....
and this financing statement is to be filed in the real estate record.
(If the debtor does not have an interest or record) The name of a record
owner is ....
& is ....
4. (If products of collateral are claimed) Products of the
collateral are also covered.
(Use whichever
Signature of Debtor (or Assignor) ....
is applicable) p;
Signature of Secured Party (or Assignee) ....
(4) A financing statement may be amended by filing a writing signed by both the debtor and the secured party. An amendment does not extend the period of effectiveness of a financing statement. If any amendment adds collateral, it is effective as to the added collateral only from the filing date of the amendment. In e amendment. In this chapter, unless the context otherwise requires, the term "financing statement" means the original financing statement and any amendments.
(5) (a) A financing statement covering timber to be cut or covering minerals
or the like (including oil and gas) or accounts subject to 30-9-103(5),
or a financing statement filed as a fixture filing (30-9-313) when the
debtor is not a transm is not a transmitting utility, must show that it covers this type
of collateral, must recite that it is to be filed in the real estate records,
and the financing statement must contain a description of the real estate
sufficient if it were contained in a mortgage of the real estate to give
constructive notice of the mortgage under the law of this state. If the
debtor does not have an interest of record in the real estate, the financing
statement must show the name of a record owner.
&nb
(b) A financing statement covering farm products must contain a reasonable
description of the real estate upon which the farm products are produced
or located. A legal description of the real estate is not required; a statement
naming the county or counties in which the farm products are produced or
located is sufficient to satisfy this subsection (b).
&nbnbsp;
(6) (a) A mortgage is effective as a financing statement filed as a fixture
filing from the date of its recording if:
(i) the goods are described in the mortgage by item or type;
(ii) the goods are or are to become fixtures related to the rted to the real estate
described in the
mortgage;
(iii) the mortgage complies with the requirements for a financing statement
in this section
p;
other than a recital that it is to be filed in the real estate records;
and
(iv) the mortgage is duly recorded.
(b) No fee with reference to the financing statement is required other
than the regular
nbsp;
recording and satisfaction fees with respect to the mortgage.
(7) A financing statement sufficiently shows the name of the debtor if it gives the social security number or tax identification number of the debtor and the individual, partnership, or corporate name of the debtor, whether or, whether or not it adds other trade names or the names of partners. If the debtor so changes the debtor's name or in the case of an organization its name, identity, or corporate structure that a filed financing statement becomes seriously misleading, the filing is not effective to perfect a security interest in collateral acquired by the debtor more than 4 months after the change unless a new appropriate financing statement is filed before the expiration of that time. A filed financing statemecing statement remains effective with respect to collateral transferred by the debtor even though the secured party knows of or consents to the transfer.
(8) A financing statement substantially complying with the requirements
of this section is effective even though it contains minor errors which
are not seriously misleading.
&nb;
History: En. Sec. 9-402, Ch. 264, L. 1963; amd. Sec. 1, Ch. 272, L. 1967;
R.C.M. 1947, 87A-9-402; amd. Sec. 74, Ch. 402, L. 1983; amd. Sec. 1, Ch.
619, L. 1987; amd. Sec. 1, Ch. 304, L. 1989; amd. Sec. 2, Ch. 326, L. 1989;
amd. Sec. 1, Ch. 335, L. 1993.
Official Comment
Prior Uniform Statutory Provision: Sections 13(3), 13(4), Uniform Tru(4), Uniform Trust
Receipts Act.
Purposes:
1. Subsection (1) sets out the simple formal requisites of a financing
statement under this Chapter. These requirements are: (1) signature of
the debtor; (2) addresses of both parties; (3) a description of the collateral
by type or item.
Where the collate
Where the collateral is crops growing or to be grown or when the financing
statement is filed as a fixture filing (Section 30-9-313) or when the collateral
is timber to be cut or minerals or the like (including oil and gas) financed
at wellhead or minehead or accounts resulting from the sale thereof, the
financing statement must also contain a description of the lands concerned.
On description generally, see Section 30-9-110 and Comment 5 to the present
section. An important distinction must be drawnust be drawn, however, between the function
of the description of land in reference to crops and its function in the
other cases mentioned. For crops it is merely part of the description of
the crops concerned, and the security interest in crops is a Code security
interest, like the pre-Code "crop mortgage" which was a chattel mortgage.
In contrast, in the other cases mentioned the function of the description
of land is to have the financing statement filed in the county where the
land is situ
land is situated and in the realty records, as distinguished from the chattel
records. Subsection (3) suggests a form which complies with the statutory
requirements and makes clear that for the types of collateral mentioned
other than crops, the financing statement containing a description of the
land concerned is to go in the realty records. Note also subsection (5)
on the adequacy of the description of land where the filing is to be in
the real estate records. See also Section 30-9-403(7) on t-403(7) on the indexing of
these filings in the real estate records.
A copy of the security agreement may be filed in place of a separate financing
statement, if it contains the required information and signature.
2. This section adopts the system of "notice filing" which proved successful
under the Uniformer the Uniform Trust Receipts Act. What is required to be filed is not,
as under chattel mortgage and conditional sales acts, the security agreement
itself, but only a simple notice which may be filed before the security
interest attaches or thereafter. The notice itself indicates merely that
the secured party who has filed may have a security interest in the collateral
described. Further inquiry from the parties concerned will be necessary
to disclose the complete state of affairs. Section 30-9-2ction 30-9-208 provides a
statutory procedure under which the secured party, at the debtor's request,
may be required to make disclosure. Notice filing has proved to be of great
use in financing transactions involving inventory, accounts and chattel
paper, since it obviates the necessity of refiling on each of a series
of transactions in a continuing arrangement where the collateral changes
from day to day. Where other types of collateral are involved, the alternative
procedure of filing a sigf filing a signed copy of the security agreement may prove to
be the simplest solution. Sometimes more than one copy of a financing statement
or of a security agreement used as a financing statement is needed for
filing. In such a case the section permits use of a carbon copy or photographic
copy of the paper, including signatures.
However, even in the case of filings that do not necessarily involve a
y involve a
series of transactions the financing statement is effective to encompass
transactions under a security agreement not in existence and not contemplated
at the time the notice was filed, if the description of collateral in the
financing statement is broad enough to encompass them. Similarly, the financing
statement is valid to cover after-acquired property and future advances
under security agreements whether or not mentioned in the financing statement.
&n 3. This section departs from the requirements of many pre-Code chattel mortgage statutes that the instrument filed be acknowledged or witnessed or accompanied by affidavits of good faith. Those requirements did not seem to have been successful as a deterrent to fraud; their principal effect was to penalize good faith mortgagees who had inadvertently failed to comply with the statutory niceties. They are here abandoned in the interest of a simpst of a simplified and workable filing system.
4. Subsection (2) allows the secured party to file a financing statement signed only by himself where the filing is required by any of the events listed, each of which occurs after the commencement of the financing, and therefore under circumstances where the cooperation of the debtor is not certain.
Section 30-9-401(3), alternative provision, contains similar permission on removal between counties in this state.
The
secured party should not be penalized for failure to make a timely filing
by reason of difficulty in procuring the signature of a possibly reluctant
or hostile debtor. Financing statements filed under this subsection must
explain the circuxplain the circumstances under which they are filed with the signature
of the secured party rather than that of the debtor.
In
contrast to the signatures on original financing statements, an amendment
to a financing statement must be signed by both parties, to preclude either
from adversely affecting the interests of the other.
The nbsp;
The reference in subsection (4) to an amendment which "adds collateral"
refers to additional types of collateral. A security interest on additional
units of a type of collateral already described can be created under an
after-acquired property clause or a new security agreement. See Comment
5 to Section 30-9-204. On priorities in such cases see Section 30-9-312
and Comments thereto.