House Journal: Page 635: Wednesday, March 8, 2000
30 means a financing statement filed before this Act
31 takes effect.
32 2. APPLICABLE LAW. After this Act takes effect, a
33 person may add or delete collateral covered by,
34 continue or terminate the effectiveness of, or
35 otherwise amend the information provided in, a pre-
36 effective-date financing statement only in accordance
37 with the law of the jurisdiction governing perfection
38 as provided in part 3. However, the effectiveness of
39 pre-effective-date financing statement also may be
40 terminated in accordance with the law of the
41 jurisdiction in which the financing statement is
42 filed.
43 3. METHOD OF AMENDING - GENERAL RULE. Except as
44 otherwise provided in subsection 4, if the law of this
45 state governs perfection of a security interest, the
46 information in a pre-effective-date financing
47 statement may be amended after this Act takes effect
48 only if:
49 a. The pre-effective-date financing statement and
50 an amendment are filed in the office specified in
Page 3
1 section 554.9501; or
2 b. An amendment is filed in the office specified
3 in section 554.9501 concurrently with, or after the
4 filing in that office of, an initial financing
5 statement that satisfies section 554.9706, subsection
6 3; or
7 c. An initial financing statement that provides
8 the information as amended and satisfies section
9 554.9706, subsection 3 is filed in the office
10 specified in section 554.9501.
11 4. METHOD OF AMENDING - CONTINUATION. If the law
12 of this state governs perfection of a security
13 interest, the effectiveness of a pre-effective-date
14 financing statement may be continued only under
15 section 554.9705, subsections 4 and 6 or section
16 554.9706.
17 5. METHOD OF AMENDING - ADDITIONAL TERMINATION
18 RULE. Whether or not the law of this state governs
19 perfection of a security interest, the effectiveness
20 of a pre-effective-date financing statement filed in
21 this state may be terminated after this Act takes
22 effect by filing a termination statement in the office
23 in which the pre-effective-date financing statement is
24 filed, unless an initial financing statement that
25 satisfies section 554.9706, subsection 3, has been
26 filed in the office specified by the law of the
27 jurisdiction governing perfection as provided in part
28 3 as the office in which to file a financing
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League of Women Voters of Iowa
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