§ 6A-9-514 - Assignment of powers of secured party of record. - Rhode Island Statutes

SECTION 6A-9-514

   § 6A-9-514  Assignment of powers of securedparty of record. – (a) Assignment reflected on initial financing statement. Except asotherwise provided in subsection (c), an initial financing statement mayreflect an assignment of all of the secured party's power to authorize anamendment to the financing statement by providing the name and mailing addressof the assignee as the name and address of the secured party.

   (b) Assignment of filed financing statement. Except asotherwise provided in subsection (c), a secured party of record may assign ofrecord all or part of its power to authorize an amendment to a financingstatement by filing in the filing office an amendment of the financingstatement which:

   (1) Identifies, by its file number, the initial financingstatement to which it relates;

   (2) Provides the name of the assignor; and

   (3) Provides the name and mailing address of the assignee.

   (c) Assignment of record of mortgage. An assignment ofrecord of a security interest in a fixture covered by a record of a mortgagewhich is effective as a financing statement filed as a fixture filing under§ 6A-9-502(c) may be made only by an assignment of record of the mortgagein the manner provided by law of this State other than the Uniform CommercialCode.