[Code of Federal Regulations]

[Title 9, Volume 2]

[Revised as of January 1, 2007]

From the U.S. Government Printing Office via GPO Access

[CITE: 9CFR205.202]



[Page 67-68]

 

                  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



[[Page 68]]



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, authorized, or otherwise 

authenticated by 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.



(Approved by the Office of Management and Budget under control number 

0580-0016)



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

71 FR 56343, Sept. 27, 2006]