[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: 9CFR205.209]

[Page 70-71]
 
                  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. 205.209  Amendment or continuation of EFS.

    (a) The ``material change,'' required by subsection (c)(4)(E) to be 
reflected in an amendment to an EFS and master list entry, is whatever 
change would render the master list entry no longer informative as to 
what is subject to the security interest in question. That will vary 
from case to case. The basis for this is the purpose for which the 
information is supplied, that is, to make information available, to a 
buyer, commission merchant, or selling agent who proposes to enter into 
a transaction in a product, whether it is subject to a security 
interest. The requirement to amend arises when the information already 
made available no longer serves the purpose and other information is 
needed in order to do so.
    (b) Where an owner of a product makes a change, such as planting a 
different crop or purchasing different animals from what was 
represented, without informing the secured party, so that the master 
list entry is rendered not informative, but the EFS and master list are 
not amended through no fault of the secured party, the Section is silent 
as to the consequences. However, see the legislative history cited in 
Sec. 205.208(f).
    (c) The amendment must be filed in the same manner as the original 
filing. Note the requirement of section

[[Page 71]]

(c)(4)(E). The amendment 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. An electronically filed amendment need not be signed. 
However, if an original or reproduced paper document is filed, the 
amendment must be signed by the secured party and the debtor, and be 
filed by the secured party.
    (d) An effective financing statement remains effective for a period 
of 5 years from the date of filing and may be continued in increments of 
5-year periods beyond the initial 5-year filing period by refiling an 
effective financing statement or by filing a continuation statement 
within 6 months before expiration of the effective financing statement. 
A continuation statement may be filed electronically or as a paper 
document, and need not contain the signature of the debtor.

[51 FR 29451, Aug. 18, 1986, as amended at 61 FR 54728, Oct. 22, 1996; 
63 FR 66721, Dec. 3, 1998]