[Code of Federal Regulations]
[Title 9, Volume 2]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 9CFR205.202]

[Page 67]
 
                  TITLE 9--ANIMALS AND ANIMAL PRODUCTS
 
  CHAPTER II--GRAIN INSPECTION, PACKERS AND STOCKYARDS ADMINISTRATION 
       (PACKERS AND STOCKYARDS PROGRAMS),DEPARTMENT OF AGRICULTURE
 
PART 205--CLEAR TITLE--PROTECTION FOR PURCHASERS OF FARM PRODUCTS--Table of Contents
 
Sec. 205.202  ``Effective financing statement'' or EFS.

    (a) An EFS under subsection (c)(4) need not be the same as a 
financing statement or security agreement under the Uniform Commercial 
Code (or equivalent document under future successor State law), but can 
be an entirely separate document meeting the definition in (c)(4). Note 
that (c)(4) contains a comprehensive definition of the term which does 
not include any requirement that the EFS be the instrument by which a 
security interest is created or perfected. Note also the House Committee 
Report on Pub. L. 99-198, No. 99-271, Part 1, September 13, 1985, at 
page 110: ``[T]he bill would not preempt basic state-law rules on the 
creation, perfection, or priority of security interests.''
    (b) An EFS may be filed electronically provided a State allows 
electronic filing of financing statements without the signature of the 
debtor under applicable State law under provisions of the Uniform 
Commercial Code or may be a paper document. An electronically filed EFS 
need not be a paper document and need not be signed. If an original or 
reproduced paper document of an EFS is filed with the State, it must be 
signed by both the secured party and the debtor, and be filed by the 
secured party.
    (c) Countermeasures against mishandling after filing, such as a 
requirement that a copy be date stamped and returned to the secured 
party, are discretionary with the State. If a State chooses to adopt 
such countermeasures, it is responsible for establishing procedures for 
recording the date and time when an EFS is received, and for meeting all 
legal requirements associated with filing and distributing information 
about security interests as required by Sec. 205.101.

[51 FR 29451, Aug. 18, 1986, as amended at 61 FR 54728, Oct. 22, 1996]