8.9A-514 - A-514. Assignment of powers of secured party of record.
§ 8.9A-514. Assignment of powers of secured party of record.
(a) Assignment reflected on initial financing statement. Except as otherwiseprovided in subsection (c), an initial financing statement may reflect anassignment of all of the secured party's power to authorize an amendment tothe financing statement by providing the name and mailing address of theassignee as the name and address of the secured party.
(b) Assignment of filed financing statement. Except as otherwise provided insubsection (c), a secured party of record may assign of record all or part ofits power to authorize an amendment to a financing statement by filing in thefiling office an amendment of the financing statement which:
(1) identifies, by its file number, the initial financing statement to whichit 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 of record of a securityinterest in a fixture covered by a record of a mortgage which is effective asa financing statement filed as a fixture filing under § 8.9A-502 (c) may bemade only by an assignment of record of the mortgage in the manner providedby law of the Commonwealth other than the Uniform Commercial Code.
(Code 1950, §§ 43-55, 43-65; 1964, c. 219, § 8.9-405; 1973, c. 509; 1975, c.225; 1977, c. 539; 1978, c. 284; 1982, c. 652; 1984, c. 771; 1988, c. 804;1990, c. 412; 1992, c. 784; 2000, c. 1007.)