§ 9-707. Amendment of information in pre-effective-date financing statement

   (a) "Pre-effective-date financing statement" defined. -- In this section, "pre-effective-date financing statement" means a financing statement filed before this title takes effect.

(b) In general. -- After this title takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Subtitle 3 of this title. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.

(c) Amendment where Maryland law governs perfection. -- Except as otherwise provided in subsection (d), if the law of this State governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this title takes effect only if:

   (1) The pre-effective-date financing statement and an amendment are filed in the office specified in § 9-501;

   (2) An amendment is filed in the office specified in § 9-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies § 9-706(c); or

   (3) An initial financing statement that provides the information as amended and satisfies § 9-706(c) is filed in the office specified in § 9-501.

(d) Continuation where Maryland law governs perfection. -- If the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under § 9-705(e) and (g) or § 9-706.

(e) Termination of effectiveness of pre-effective-date financing statement. -- Whether or not the law of this State governs the perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this State may be terminated after this title takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies § 9-706(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Subtitle 3 of this title as the office in which to file a financing statement.

HISTORY: 2001, ch. 408, § 2; 2003, ch. 21, § 6.