Ala. Admin. Code r. 820-4-2-.03

Current through Register Vol. 42, No. 11, August 30, 2024

Section 820-4-2-.03 - Effective Financing Statements

(1) "Non-Alabama Products." Products not produced in Alabama cannot be registered in the Central Filing System.

(2) "Approved Forms." The U.C.C.-lF form is designated as the official form to be used as an effective financing statement. The U.C.C.-3F form is designed as the official form to be used for amendments to or continuation of effective financing statements. The Alabama Secretary of State will accept effective financing statements if they are not filed on an approved form U.C.C.-lF but meet the requirements of 820-4-2-.03(3). An additional fee of $5.00 per filing is charged if a nonapproved form is used.

(3) Required Information For U.C.C.-1F. The following will be required on the U.C.C.-1F form:

(a) Name and address of the debtor or debtors (or other person subjecting the farm product to security interest). In the case of a natural person, the surname must appear first; in the case of a corporation or other entity not a natural person, the name must appear beginning with the first word which is not an article.

(b) Social Security or Internal Revenue Service taxpayer identification number of the debtor(s).

(c) Name and address of the secured party(ies).

(d) Crop year unless every crop of the farm product in question, for the duration of the effective financing statement, is to be subject to the particular security interest.

(e) Farm product name and code as published by the Secretary of State.

(f) Each county code number in the state where the farm product is produced and each other county in the state, where the same product is located or is foreseen to be located in the future.

(g) Signature of all debtors and secured parties.

(h) Further details of the farm product subject to the security interest if needed to distinguish it from other such product owned by the same person but not subject to the particular security interest.

(4) "Requirements For An Amendment." An amendment is required to be filed whenever a "material change" occurs. A material change is whatever change that would render the master list entry no longer informative as to what is subject to the security interest in question. An amendment must be submitted in writing within three months of such material change.

(5) "Continuation Of An Effective Financing Statement." An effective financing statement is effective for a period of five years from the date of filing. Extensions for additional periods of five years each can be accomplished by filing a continuation statement. Filing of a continuation statement is permitted within six months of the expiration of the effective financing statement.

(6) "Termination." An effective financing statement may be terminated at any time during the effective period by the secured party submitting a termination statement.

(7) "Required Information For Form U.C.C.-3F." The U.C.C.-3F is designated the official form for amendments, continuations, and terminations of effective financing statements. In conjunction with the definition of "material change," the release of certain collateral subject to the security interest or the assignment of a security interest are considered amendments. The Alabama Secretary of State will accept amendments, terminations, or continuations on forms other than the U.C.C.-3F if the following required information is presented. Pursuant to Code of Ala. 1975, Section 7-9A-525, an additional $5.00 is charged for filing these nonstandard forms. The following information must be included on form U.C.C.-3F:

(a) The name and address of the debtor(s) as they appear on the original filing to which the U.C.C.-3F pertains.

(b) The file number of the filing to which U.C.C.-3F pertains.

(c) The name and address of the secured party(ies) as they appear on the original filing to which the U.C.C.-3F pertains.

(d) A designation as to whether the form is submitted as an amendment, a termination, a continuation, a release of collateral, an assignment of security interest, or a combination of the above.

(e) In the case of an amendment, details pertaining to material changes which required the filing of amendment.

(7) Signatures of the secured party(ies) of record and debtor(s) except that the debtor's signature is not required for continuations, terminations, assignments of the security interest, or release of certain collateral from the agreement.

(8)"Lapse Of Effective Financing Statement." An effective financing statement lapses on the expiration date of the filing.

(9) "Farm Product List And Codes." The farm products which must be identified on an E.F.S. must be specific commodities, species of livestock, and specific products or crops or livestock. Miscellaneous categories are not permissible. The farm products which are to be identified on an E.F.S. are as follows:

101 Apples 152 Mushrooms

102 Apricots 153 Muscadine

103 Artichokes 154 Mustards

104 Asparagus 155 Nectarines

105 Avocados 156 Nutmeg

106 Bananas 157 Oats

107 Barley 158 Olives

108 Beans, Butter 159 Onions

109 Beans, Dry 160 Oranges

110 Beans, Lima 161 Papayas

111 Beans, Snap 162 Peaches

112 Beans, Waxed 163 Peanuts

113 Beets 164 Pears

114 Berries, Black 165 Peas, Dry

115 Berries, Blue 166 Peas, Field

116 Berries, Straw 167 Peas, Green

117 Broccoli 168 Pecans

118 Brussels Sprouts 169 Peppers

119 Cabbage 170 Persimmons

120 Carrots 171 Pineapple

121 Cauliflower 172 Plums and Prunes

122 Celery 173 Pomegranates

123 Cherries 174 Popcorn

124 Coffee 175 Pumpkins

125 Collards 176 Rape Seed

126 Corn 177 Rice

127 Corn, Sweet 178 Rye

128 Cotton 179 Sorghum Grain

129 Cucumbers 180 Soybeans

130 Dates 181 Spinach

131 Eggplant 182 Sugar Beets

132 Escarole 183 Sugar Cane

133 Figs 184 Sunflower Seeds

134 Flaxseed 185 Sweet Potatoes

135 Garlic 186 Tangelos

136 Grapes and Raisins 187 Tangerines

137 Grapefruit 188 Taro

138 Hay 189 Tea

139 Hops 190 Tobacco

140 Irish Potatoes 191 Tomatoes

141 Kiwi 192 Trees

142 Legumes, Seeds 193 Turnips

143 Lemons 194 Walnuts

144 Lettuce 195 Wheat

145 Limes

146 Maple Syrup 201 Cattle and Calves

147 Melons, Cantaloupe 202 Catfish and Fish

148 Melons, Honey Dew 203 Chickens

149 Melons, Water 204 Ducks

150 Milo 205 Eggs, Hatching

151 Mint 206 Geese

207 Goats 301 Eggs

208 Guineas 302 Flowers

209 Hogs 303 Foliage Plants

210 Horses 304 Grass

211 Lambs and Sheep 305 Honey

212 Mules 306 Milk

213 Quail 307 Cotton Seed

214 Turkeys 308 Mohair

215 Earthworms 309 Shrubbery

216 Shellfish 310 Wool

(10) "Crop Year."

(a) The crop year which must be included on E.F.S is as follows:

1. For a crop grown in soil, the calendar year in which it is harvested or to be harvested.

2. For animals, the calendar year in which they are born or acquired.

3. For poultry or eggs, the calendar year in which they are sold or to be sold.

(b) If an E.F.S. does not show a crop year, every crop year for which the E.F.S. is effective is regarded as applicable for that particular crop or product.

(11) "Amount." The amount of farm products need not be shown on an E.F.S. If no amount is indicated, all of such product owned by the person in question is subject to the security interest.

(12) "County Where Produced." The county in which farm products are produced need not be shown on an E.F.S. If no county is indicated, all products owned by the debtor and located in any Alabama county are subject to the security interest.

(13) "Additional Information." Additional information is required when some of the farm products owned by the debtor are subject to the security interest and some are not. The additional information about amount and property must be sufficient to enable a reader of the information to identify what product owned by the debtor is subject to the security interest as distinguished to the same product owned by the same person is not subject.

Authors: Valeria Harman, Charles E. Grainger, Jr.

Ala. Admin. Code r. 820-4-2-.03

New Rule: Filed January 10, 2001; effective February 14, 2001. Amended: Filed January 9, 2003; effective February 13, 2003.

Formerly Rule 820-X-2-.03, as per certification filed January 10, 2001; effective February 14, 2001.

Statutory Authority:Code of Ala. 1975, §§ 7-9-307, 7-9-407, 7-9A-320, 7-9A-523.