47-9-707 - Amendment of pre-effective-date financing statement. - Tennessee Statutes

47-9-707. 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 July 1, 2001.

(b)  Applicable law.  After July 1, 2001, 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 July 1, 2001 only if:

     (1)  the pre-effective-date financing statement and an amendment are filed in the office specified in § 47-9-501;

     (2)  an amendment is filed in the office specified in § 47-9-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies § 47-9-706(c); or

     (3)  an initial financing statement that provides the information as amended and satisfies § 47-9-706(c) is filed in the office specified in § 47-9-501.

(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 §§ 47-9-705(d) and (f) or § 47-9-706.

(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 July 1, 2001 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 § 47-9-706(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.

[Acts 2000, ch. 846, § 1.]