South Dakota Codified Laws 57A-9-511. Person constituting secured party of record
(a) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under 57A-9-514(a), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.
(b) If an amendment of a financing statement which provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under § 57A-9-514(b), the assignee named in the amendment is a secured party of record.
Terms Used In South Dakota Codified Laws 57A-9-511
- 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.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(c) A person remains a secured party of record until the filing of an amendment of the financing statement which deletes the person.
Source: SL 2000, ch 231.