CODE OF VIRGINIA

AMENDMENT OF PREEFFECTIVE-DATE FINANCING STATEMENT (§ 8.9A-707)

a. Preeffective-date financing statement. In this section,
“preeffective-date financing statement” means a financing statement
filed before this title takes effect.

b. Applicable law. After this title takes effect, a person may add or delete
collateral covered by, continue or terminate the effectiveness of, or otherwise
amend the information provided in, a preeffective-date financing statement only
in accordance with the law of the jurisdiction governing perfection as provided
in Part 3 (§ 8.9A-301 et seq.) of this title. However, the effectiveness of
a preeffective-date financing statement also may 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 this Commonwealth governs perfection of a security interest,
the information in a preeffective-date financing statement may be amended after
this title takes effect only if:

   1. the preeffective-date financing statement and an amendment are filed in the
   office specified in § 8.9A-501;

   2. an amendment is filed in the office specified in § 8.9A-501
   concurrently with, or after the filing in that office of, an initial financing
   statement that satisfies § 8.9A-706 (c); or

   3. an initial financing statement that provides the information as amended and
   satisfies § 8.9A-706 (c) is filed in the office specified in §
   8.9A-501.

d. Method of amending; continuation. If the law of this Commonwealth governs
perfection of a security interest, the effectiveness of a preeffective-date
financing statement may be continued only under § 8.9A-705 (d) and (f) or
§ 8.9A-706.

e. Method of amending; additional termination rule. Whether or not the law of
this Commonwealth governs perfection of a security interest, the effectiveness
of a preeffective-date financing statement filed in this Commonwealth may be
terminated after this title takes effect by filing a termination statement in
the office in which the preeffective-date financing statement is filed, unless
an initial financing statement that satisfies § 8.9A-706 (c) has been filed
in the office specified by the law of the jurisdiction governing perfection as
provided in Part 3 (§ 8.9A-301 et seq.) of this title as the office in
which to file a financing statement.

HISTORY: 2000, c. 1007.