Louisiana Revised Statutes 3:3656 – Filing, amendment, assignment, partial release, termination, and cancellation of security devices and effective financing statements; effectiveness against third parties
Terms Used In Louisiana Revised Statutes 3:3656
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Central registry: means the master index maintained by the secretary as provided by this Chapter, reflecting information contained in all effective financing statements, and statements evidencing assignments, amendments, extensions, and cancellations thereof. See Louisiana Revised Statutes 3:3652
- Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
- Debtor: means any person who owns or has an ownership interest in farm products which are subject to a security interest of creditors. See Louisiana Revised Statutes 3:3652
- Effective financing statement: means a written instrument which is an abstract of a security device and which complies with the provisions of Louisiana Revised Statutes 3:3652
- Filing officer: means the clerk of court of any parish. See Louisiana Revised Statutes 3:3652
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means any individual, partnership, corporation, trust, or other business entity. See Louisiana Revised Statutes 3:3652
- Secretary: means the secretary of state of the state of Louisiana, or his duly authorized agent. See Louisiana Revised Statutes 3:3652
- Secured party: means a creditor with a security interest in farm products. See Louisiana Revised Statutes 3:3652
- Security device: means a written security agreement that establishes a creditor's security interest in farm products or any agricultural lien as defined in La. See Louisiana Revised Statutes 3:3652
- Security interest: means an interest in or encumbrance upon farm products that secures payment or performance of an obligation. See Louisiana Revised Statutes 3:3652
A.(1) The proper place to file effective financing statements is with the clerk of court of any parish.
(2) Any statement of continuation, amendment, release, extension, termination, cancellation, or other similar statement pertaining to an effective financing statement shall identify the original file number and shall be filed with the same filing officer with whom the effective financing statement was originally filed.
(3) The signature of the debtor or of the secured party is not required for filing any effective financing statement, amendment statement, continuation statement, assignment, release, termination statement, or other similar statement filed.
B. Each effective financing statement and continuation statement, assignment, release, termination statement, or other similar statement filed, shall be marked by the filing officer with a file number and with the date and hour of filing. The filing officer shall hold the effective financing or other statement, or a microfilm or other photographic copy thereof, together with any attachments, for public inspection. In addition, the filing officer shall transmit the information contained in each effective financing statement, or other statement, no later than 4:30 p.m. on the second business day following the filing, to the secretary for inclusion in the central registry. The secretary shall, within two business days following the receipt of such information, include it in the central registry and send written notice confirming such receipt and reflecting all information received and included in the central registry, to the secured party of record and such other requesting person or persons as may be designated on the effective financing statement or other statement.
C. The filing officer shall accept and record only effective financing statements and other statements, which apply to security devices applicable to farm products.
D. The central registry shall reflect the time and date each effective financing statement and other statement is filed. Only a security device with respect to which an effective financing statement has been filed with the filing officer for inclusion in the central registry, as provided in this Chapter, shall be effective against buyers in the ordinary course of business. Except as otherwise provided in this Section, each security device shall become effective against buyers in the ordinary course of business on the date and at the time an effective financing statement with respect to the security device is filed with the filing officer.
E. Each person who files an effective financing statement with the filing officer shall request cancellation thereof within ten calendar days after the date the person who has granted or who is affected by the effective financing statement or security interest thereunder requests in writing cancellation, provided the effective financing statement and security interest thereunder are then no longer in effect.
F. Whenever there is no outstanding secured obligation and no commitment to make advances, incur obligations, or otherwise give value, the secured party must on written demand by the debtor send the debtor, for each effective financing statement filed, a termination statement to the effect that he no longer claims a security interest under the effective financing statement.
Acts 1989, No. 548, §1, eff. Aug. 22, 1989; Acts 1990, No. 123, §1, eff. Jan. 1, 1991; Acts 1991, No. 539, §1, eff. Jan. 1, 1992; Acts 2004, No. 63, §2 and 3, eff. Feb. 13, 2006; Acts 2010, No. 378, §1.