LD 2245
pg. 322
Page 321 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 323 of 493
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LR 1087
Item 1

 
(1)__A person may file an initial financing statement, amendment
that adds collateral covered by a financing statement or amendment
that adds a debtor to a financing statement only if:

 
(a)__The debtor authorizes the filing in an authenticated
record; or

 
(b)__The person holds an agricultural lien that has become
effective at the time of filing and the financing statement
covers only collateral in which the person holds an
agricultural lien.

 
(2)__By authenticating or becoming bound as debtor by a
security agreement, a debtor or new debtor authorizes the filing
of an initial financing statement, and an amendment, covering:

 
(a)__The collateral described in the security agreement; and

 
(b)__Property that becomes collateral under section 9-1315,
subsection (1), paragraph (b), whether or not the security
agreement expressly covers proceeds.

 
(3)__By acquiring collateral in which a security interest or
agricultural lien continues under section 9-1315, subsection 1,
paragraph (a), a debtor authorizes the filing of an initial
financing statement, and an amendment, covering the collateral
and property that becomes collateral under section 9-1315,
subsection (1), paragraph (b).

 
(4)__A person may file an amendment other than an amendment
that adds collateral covered by a financing statement or an
amendment that adds a debtor to a financing statement only if:

 
(a)__The secured party of record authorizes the filing; or

 
(b)__The amendment is a termination statement for a
financing statement as to which the secured party of record
has failed to file or send a termination statement as
required by section 9-1513, subsection (1) or (3), the
debtor authorizes the filing and the termination statement
indicates that the debtor authorized it to be filed.

 
(5)__If there is more than one secured party of record for a
financing statement, each secured party of record may authorize
the filing of an amendment under subsection (4).

 
Official Comment


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