La. Admin. Code tit. 10 § XIX-123
Current through Register Vol. 50, No. 11, November 20, 2024
Section XIX-123 - Additional Specific Requirements for Filings Changing the Status of an Initial UCC FilingA. Continuation Statement1. A filed financing statement is effective for a period of five years. No exception is made for a stated maturity date of less than five years. A security interest ceases to be perfected unless a continuation statement is filed prior to the expiration date of a financing statement. A continuation statement may only be filed by the secured party within the six-month period prior to the expiration date and must state that the initial financing statement is still effective. The timely filing of a continuation statement extends the effectiveness of the initial financing statement for an additional five-year period after the last date for which the initial financing statement is effective. Continuous perfection may be achieved by filing successive continuation statements in this manner.2. If the initial financing statement lapses due to a failure to timely continue within the six-month period prior to the end of the five-year period of effectiveness, the secured party must file a new financing statement rather than a continuation statement.3. A continuation statement signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record and include the required fee for an assignment.B. Release 1. The secured party of record may release all or a part of any collateral described in a filed financing statement. The statement of release must include a description of the released collateral.2. A statement of release signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record, and include the required fee for an assignment.3. If the secured party wishes to release all of the collateral, a termination statement should be filed.C. Assignments 1. In addition to the general information required on Form UCC-3, a statement of assignment must set forth the name and address of the assignee.a. Full Assignment. A full assignment is made when a secured party assigns all rights under the financing statement. Form UCC-3 contains an appropriate box to be checked by the secured party if a full assignment is contemplated.b. Partial Assignment. A partial assignment is made when a secured party assigns rights to only part of the collateral described in the financing statement. A description of the assigned collateral must be set forth in the appropriate space on Form UCC-3 or on an attached sheet if more space is required. Form UCC-3 contains an appropriate box to be checked by the secured party if a partial assignment is contemplated.2. A copy of the assignment agreement is sufficient as a separate statement if it contains all the requirements set forth in §115-121 and §123 C, but will constitute a nonstandard filing subject to the nonstandard filing fee.D. Termination 1. Prior to expiration of the five-year effective period, a financing statement may be canceled by filing a termination statement. The termination statement must state that the secured party of record no longer claims a security interest under the financing statement, which must be identified by its initial file number. Form UCC-3 contains an appropriate box to be checked by the secured party when a termination is requested.2. A termination statement signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record, and include the required fee for an assignment.E. Amendment 1.a. An amendment may be used to change or add the following: i. name(s) of the debtor or the secured party;ii. the address of either the debtor or the secured party; orb. If an amendment adds collateral, a description of the collateral must be included; this filing is effective as to the added collateral only from the filing date of the amendment.2. The filing of an amendment does not extend the period of effectiveness of a financing statement.3. When a debtor's name has been deleted by the filing of an amendment changing the name, the original debtor name will continue to be reflected in the secretary of state's master index and therefore will be reflected on a certificate requesting that exact name.4. An amendment signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record, and include the required fee for an assignment.F. Master Assignment 1. A secured party of record may assign all of its rights under 20 or more financing statements filed in any one parish by filing Form UCC-3 master assignment in the parish in which the initial financing statements were filed.2. The secured party shall specifically indicate the type of statement being filed on Form UCC-3 and type the words "master assignment" in the space proved therein.3. As an exception to §121. A.2 herein, debtor information (name and address) and the date of filing relating to each initial financing statement being assigned need not be provided. However, the following information shall be set forth on Form UCC-3 master assignment:a. the name and address of the secured party of record;b. the name and address of the assignee;c. the initial file number of each financing statement being assigned. This information shall be provided on 8 1/2 by 11 inch sheets attached to Form UCC-3, headed by the name of the secured party of record; andd. the parish of initial filing.G. Master Amendment 1. A secured party of record may amend its name and mailing address shown in 20 or more financing statements filed in any one parish by filing Form UCC-3 master amendment in the parish in which the initial financing statements were filed.2. The secured party shall specifically indicate the type of statement being filed on Form UCC-3 and type the words "master amendment" in the space provided therein.3. As an exception to §123. A.2 herein, debtor information (name and address) and the date of filing relating to each initial financing statement being amended need not be provided. However, the following information shall be set forth on Form UCC-3 master amendment:a. the name and address of the secured party of record;b. the new name and address of the secured party, which should be set forth on Form UCC-3;c. the initial file number of each financing statement in which the secured party's name and address is being amended. This information shall be provided on 8 1/2 by 11 inch sheets attached to Form UCC-3, headed by the name of the secured party of record; andd. the parish of initial filing.La. Admin. Code tit. 10, § XIX-123
Promulgated by the Department of State, Commercial Division, Office of Uniform Commercial Code, LR 39:2791 (October 2013).AUTHORITY NOTE: Promulgated in accordance with R.S. 10:9-501 et seq., R.S. 10:9-526, and R.S. 36:742.