43-31-105 - Perfection of security interest Financing statement Unperfected security interests.
43-31-105. Perfection of security interest Financing statement Unperfected security interests.
(a) To perfect an agricultural production input security interest, the security interest must attach and the supplier entitled to the security interest must file a financing statement, with a copy of the security interest notification statement attached, with the appropriate filing officer under § 47-9-501.
(b) The financing statement must indicate that the security interest is effective for eighteen (18) months after the date of filing. The financing statement and attached security interest notification statement may be removed from the filing systems eighteen (18) months after the date of filing, and may be physically destroyed after thirty (30) months from the date of filing.
(c) The filing officer shall file, amend, and terminate the financing statement, and shall charge the fee for filing under this section in the manner provided by § 47-9-525 for a financing statement.
(d) An agricultural production input security interest that is not perfected has the priority of an unperfected security interest under § 47-9-322.
[Acts 1986, ch. 922, § 5; 2000, ch. 846, §§ 22b, 22c, 22d.]