LEG00262

• Bill Number: SB95-091
• Year: 1995
• Title: Concerning Filings to Perfect Security Interests and in Connection Therewith Creating a Central Indexing System and Making Appropriations
• Legislation - Doc Type: Other CWCB Related Bills - Passed

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county of the debtor's res idence or if the debt.or, is not a
resident of this state then inth'e office of any cou'nty clerk and
recorder. Notwithstandi ng theprovi s ions of thi s paragraph (a) to
the ~ontrary, no se(;llrity iRterest FINANCING STATEMENT filed after
'July'I, 1994, on farm products shall be Memed to be perfected
unless an effective financing statement fer SYCA farm ~reducts is
also appropriately filed~pursuaht to ~rticle 9,5 of this, title.
NO DEFECT IN THE DESCRIPTION OF THE COLLATERAL IN AN EFFECTIVE
FINANCING STATEMENT SHALL AFFECT THE VALIDITY OF A FINANCING
STATEMENT FILED WITH THE COUNTY CLERK AND RECORDER PURSUANT TO THE
UNIFORM COMMERCIAL CODE. THE PRIORITY OF THE FILING TO PERFECT
A SECURITY INTEREST SHALL BE DETERMINED BY 'THE DATE AND TIME THE
FILING IS MADE WITH THE COUNTY CLERK AND RECORDER, IF AN EFFECTIVE
, FINANCING STATEMENT IS FILED NO LATER ,THAN FORTY~FIVE CALENDAR
DAYS AFTER THE FILING WITH THE COUNTY CLERK AND RECORDER. IF AN
EFFECTIVE FINANCING STATEMENT, IS ,NOT FILED WITHIN, SUCH
FORTY-FIVE-DAY PERIOD, THE DATE AND TIME OF PERFECTION OF THE
FILING SHALL BE DETERMINED BY THE DATE AND TIME OF THE FILING OF
THE EFFECTIVE FINANCING STATEMENT, PURSUANT TO ARTICLE 9.5 OF THIS
TITLE. '

W (B) When the collateral is timber to be cut or, is
minerals or other substances of value which may be extracted from
the earth or accounts subject to, subsection (5) of section
4-9-103, or when the financing statement is filed as a fixture,
filing (section 4-9-313) and the collateral is goods which are or
, are to become fixtUres, then in the real estate records in the
office of the county clerk and recorder in the county where the
real estate concerned is located; ,

w (C) 'Irian ollieI' cases, 'ifftne omce--of-tne- s-ecretarr
of state .

(11) THIS PARAGRAPH (a) IS REPEALED, EFFECTIVE JULY I, 1996.

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(b) (I) THE PROPER PLACE TO FILE IN ORDER TO PERFECT A '
SECURITY INTEREST IS As FOLLOWS:

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(A) WHEN THE COLLATERAL IS TIMBER TO BE CUT OR' IS MINERALS,
OR OTHER SUBSTANCES OF VALUE WHICH MAY BE EXTRACTED FROM THE EARTH
, OR ACCOUNTS SUBJECT TO SUBSECTION (5) OF SECTION 4-9-103, OR WHEN
THE FINANCING STATEMENT IS FILED AS A FIXTURE FILING (SECTION
4-9-313) AND THE COLLATERAL IS GOODS WHICH ARE OR ARE TO BECOME
FIXTURES, THEN IN THE REAL ESTATE 'RECORDS IN THE OFFICE OF THE
COUNTY CLERK AND RECORDER IN THE COUNTY WHERE THE REAL ESTATE
CONCERNED IS LOCATED;

(B) IN ALL OTHER CASES, IN THE OFFICE OF THE SECRETARY OF
STATE OR IN THE OFFICE OF THE COUNTY CLERK AND RECORDER OF ANY
COUNTY.

(11) THIS PARAGRAPH (b) IS EFFECTIVE JULY 1, 1996.

PAGE 2-SENATE BILL 95-91