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Can you summarize IACO 554.9512?
UNIFORM COMMERCIAL CODE > Amendment of financing statement.
Short Summary
This legal document governs the amendment of information in a financing statement. It allows a person to add or delete collateral, continue or terminate the effectiveness of, or otherwise amend the information provided in a financing statement. The amendment must identify the initial financing statement by its file number and provide the date, time, and information specified in the initial financing statement. The filing of an amendment does not extend the period of effectiveness of the financing statement, except as otherwise provided. An amendment that adds collateral or a debtor is effective only from the date of filing. However, certain amendments are ineffective if they delete all debtors without providing a name of a debtor to be covered or delete all secured parties of record without providing the name of a new secured party of record.
Whom does it apply to?
Persons who wish to add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a financing statement
What does it govern?
Amendment of financing statement
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa