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 Step 1 - Who is Authorized to File?

Under the new UCC provisions, WV Code §46-9-509, the identity or role of the person filing an original financing statement, amendment, continuation or termination is not important.  However, having authority to record or modify a lien against a person's property is important.  The word "authenticate" is used throughout the UCC information as it is defined in WV Code §46-9-102(7).  In plain terms, it means that a person "signs" or indicates by some process his or her identity and intention to have a record accepted. 

An initial financing statement or an amendment adding debtors or collateral may be filed when:

  • The debtor authorizes the filing in an authenticated record.
  • The debtor authenticates or becomes bound by a security agreement.
  • The debtor acquires collateral in which a security interest or agricultural lien continues to apply.
  • The person filing holds an agricultural lien that has become effective at the time of filing

An amendment releasing collateral, assigning security interests, removing debtors, or terminating the financing statement may be filed when:

  • The secured party of record authorizes the filing.
  • The secured party fails to file a termination when required by law (§46-9-513).
  • In the case of multiple secured parties, any one of the secured parties authorizes an amendment or termination relating solely to its interests.  (For example, a termination filed by one of two secured parties will not affect the interests of the other.)

A correction statement may be filed by a person who believes a record is inaccurate or was wrongfully filed.