§ 25-9-707. Amendment of pre-effective-date financing statement.
§ 25‑9‑707. Amendment of pre‑effective‑date financing statement.
(a) "Pre‑effective‑datefinancing statement". In this section, "pre‑effective‑datefinancing 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, continueor terminate the effectiveness of, or otherwise amend the information providedin, a pre‑effective‑date financing statement only in accordancewith the law of the jurisdiction governing perfection as provided in Part 3 ofthis Article. However, the effectiveness of a pre‑effective‑datefinancing statement also may be terminated in accordance with the law of thejurisdiction in which the financing statement is filed.
(c) Method of amending:general rule. Except as otherwise provided in subsection (d) of this section,if the law of this State governs perfection of a security interest, theinformation in a pre‑effective‑date financing statement may beamended after July 1, 2001 only if:
(1) The pre‑effective‑datefinancing statement and an amendment are filed in the office specified in G.S.25‑9‑501;
(2) An amendment isfiled in the office specified in G.S. 25‑9‑501 concurrently with,or after the filing in that office of, an initial financing statement thatsatisfies G.S. 25‑9‑706(c); or
(3) An initial financingstatement that provides the information as amended and satisfies G.S. 25‑9‑706(c)is filed in the office specified in G.S. 25‑9‑501.
(d) Method of amending:continuation. If the law of this State governs perfection of a securityinterest, the effectiveness of a pre‑effective‑date financingstatement may be continued only under G.S. 25‑9‑705(d) and (f) orG.S. 25‑9‑706.
(e) Method of amending:additional termination rule. Whether or not the law of this State governsperfection of a security interest, the effectiveness of a pre‑effective‑datefinancing 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‑datefinancing statement is filed, unless an initial financing statement thatsatisfies G.S. 25‑9‑706(c) has been filed in the office specifiedby the law of the jurisdiction governing perfection as provided in Part 3 ofthis Article as the office in which to file a financing statement. However, atermination statement shall not be filed under this section in the register ofdeeds office unless it is the office specified in G.S. 25‑9‑501.
(f) No additional fee. No separate fee shall be charged for the filing or indexing of a concurrentlyfiled termination statement under subdivision (c)(2) of this section. (2000‑169, s. 1; 2001‑231,s. 6.)