§ 4-9-707 - Amendment of pre-effective-date financing statement. - Arkansas Statutes

4-9-707. Amendment of pre-effective-date financing statement.

(a) In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect on July 1, 2001.

(b) After this act 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 part 3. 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.

(c) Except as otherwise provided in subsection (d), if the law of this stategoverns perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this act takes effect only if:

(1) the pre-effective-date financing statement and an amendment are filed in the office specified in 4-9-501;

(2) an amendment is filed in the office specified in 4-9-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies 4-9-706(c); or

(3) an initial financing statement that provides the information as amended and satisfies 4-9-706(c) is filed in the office specified in 4-9-501.

(d) If the law of this stategoverns perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under 4-9-705(d) and (f) or 4-9-706.

(e) Whether or not the law of this stategoverns perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this statemay be terminated after this act 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 4-9-706(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in part 3 as the office in which to file a financing statement.