Massachusetts General Laws ch. 106 sec. 9-807 – Amendment Of Pre–Effective Date Financing Statement
Section 9–807. (a) ”Pre-effective-date financing statement”. In this section, ”pre-effective-date financing statement” means a financing statement filed before the effective date of the amendatory act.
Terms Used In Massachusetts General Laws ch. 106 sec. 9-807
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(b) Applicable law. After the effective date of the amendatory act, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in this Article as amended by the amendatory act. However, the effectiveness of a pre-effective-date financing statement may also be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(c) Method of amending: general rule. Except as otherwise provided in subsection (d), if the law of the commonwealth governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after the effective date of the amendatory act only if:
(1) the pre-effective-date financing statement and an amendment are filed in the office specified in section 9–501;
(2) an amendment is filed in the office specified in section 9–501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies section 9–806(c); or
(3) an initial financing statement that provides the information as amended and satisfies section 9–806(c) is filed in the office specified in section 9–501.
(d) Method of amending: continuation. If the law of the commonwealth governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under section 9–805(c), 9–805(e) or 9–806.
(e) Method of amending: additional termination rule. Whether or not the law of the commonwealth governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in the commonwealth may be terminated after the effective date of the amendatory act by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies section 9–806(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in this Article 9 as amended by the amendatory act as the office in which to file a financing statement.