[Code of Federal Regulations]
[Title 9, Volume 2]
[Revised as of January 1, 2008]
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

[[Page 72]]

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 
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]