9-707 - Amendment of Pre-effective-date Financing Statement - New York Statutes

Section 9--707. Amendment of Pre-effective-date Financing Statement. (a) "Pre-effective-date financing statement". In this section, "pre-effective-date financing statement" means a financing statement filed before Revised Article 9 takes effect. (b) Applicable law. After Revised Article 9 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) Method of amending: general rule. 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 Revised Article 9 takes effect only if: (1) the pre-effective-date financing statement and an amendment are filed in the office specified in Section 9--501; (2) an amendment is filed in the office specified in Section 9--501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies Section 9--706 (c); or (3) an initial financing statement that provides the information as amended and satisfies Section 9--706 (c) is filed in the office specified in Section 9--501. (d) Method of amending: continuation. 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 Section 9--705 (d) and (f) or 9--706. (e) Method of amending: additional termination rule. 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 Revised Article 9 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 Section 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.