[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: 9CFR205.209]



[Page 71-72]

 

                  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)(D) 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 subsection (c)(4)(D). 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, authorized, or otherwise authenticated by 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



[[Page 72]]



document, and need not be signed, authorized, or otherwise authenticated 

by the debtor.



(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; 

63 FR 66721, Dec. 3, 1998; 71 FR 56343, Sept. 27, 2006]