Mich. Admin. Code R. 440.307

Current through Vol. 24-10, June 15, 2024

Section R. 440.307 - Amendment

Rule 307. Upon the filing of an amendment, the status of the parties and the status of the financing statement shall be as follows:

(a) An amendment that amends only the collateral description or 1 or more addresses has no effect upon the status of any debtor or secured party. If an amendment is authorized by less than all of the secured parties or, in the case of an amendment that adds collateral, less than all of the debtors, then the amendment affects only the interests of each authorizing secured party or debtor.

(b) An amendment that changes a debtor's name has no effect on the status of any debtor or secured party, except that the related initial financing statement and all related financing statements permanently associated with one another shall be cross-indexed in the UCC information management system so that a search under either the debtor's old name or the debtor's new name will reveal all related financing statements. An amendment that changes a debtor's name affects only the rights of its authorizing secured party or parties.

(c) An amendment that changes the name of a secured party has no effect on the status of any debtor or any secured party, but the new name is added to the UCC information management system as if it were the name of a new secured party of record.

(d) An amendment that adds a new debtor name has no effect upon the status of any party to the financing statement, except the new debtor name shall be added to the UCC information management system as a new debtor. The addition of a new debtor name shall affect only the rights of the secured party or parties authorizing the amendment.

(e) An amendment that adds a new secured party shall not affect the status of any party to the financing statement, except that the new secured party name shall be added to the UCC information management system as a new secured party.

(f) An amendment that deletes a debtor has no effect on the status of any party to the financing statement, even if the amendment purports to delete all debtors.

(g) An amendment that deletes a secured party of record has no effect on the status of any party to the financing statement, even if the amendment purports to delete all secured parties of record.

(h) An amendment shall have no effect upon the status of the financing statement, except that a continuation may extend the period of effectiveness of a financing statement.

Mich. Admin. Code R. 440.307

2002 MR 21, Eff. Nov. 20, 2002