2011 Vermont Code
Title 09A Uniform Commercial Code
Article 9 Secured Transactions
§ 707 Amendment of preeffective-date financing statement

§ 9-707. Amendment of preeffective-date financing statement

(a) In this section and in Section 9-706 of this article, "preeffective-date financing statement" means a financing statement filed before July 1, 2001.

(b) 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 preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3 of this article on and after July 1, 2001. However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.

(c) Except as otherwise provided in subsection (d) of this section, if the law of this state governs perfection of a security interest, the information in a preeffective-date financing statement may be amended after July 1, 2001 only if:

(1) the preeffective-date financing statement and an amendment are filed in the office specified in Section 9-501 of this article as in effect on and after July 1, 2001;

(2) an amendment is filed in the office specified in Section 9-501 of this article as in effect on and after July 1, 2001 concurrently with, or after the filing in that office of, an initial financing statement that satisfies Section 9-706(b) of this article; or

(3) an initial financing statement that provides the information as amended, and satisfies Section 9-706(b) of this article, is filed in the office specified in Section 9-501 of this article as in effect on and after July 1, 2001.

(d) If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under Section 9-705(d) and (f) or 9-706 of this article.

(e) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective-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 preeffective-date financing statement is filed, unless an initial financing statement that satisfies Section 9-706(b) of this article has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 of this article as in effect on and after July 1, 2001, as the office in which to file a financing statement. (Added 2001, No. 46, § 12.)