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 Step 3 - Change or Continue

Prepare an Amendment, Assignment or Continuation for Filing


Filing Number, Some Provisions on Effectiveness

  When filing an amendment or correction to a previously filed financial statement, the filing number of the related initial financing statements must be given.     §46-9-512
  An amendment does not affect or extend the period of effectiveness of the filing unless it is also identified as a continuation.    For example, if after one year an additional debtor is added, the statement will still expire four years later on the original expiration date, unless continued. §46-9-512(b)
  An amendment will not be effective to the extent it would delete all debtors or all secured parties.   For example, if an amendment listed no debtors but amended the collateral, the original debtor or debtors would remain, but the collateral would change. §46-9-512(d)
  An amendment adding new collateral is only effective as to the new collateral from the filing date of the amendment.     §46-9-512(c)
  An amendment adding a new debtor is only effective as to the new debtor from the filing date of the amendment.     §46-9-512(d)
  A continuation is only effective if it is filed within six months before the expiration of the applicable period (five years for most goods; forty years for public finance or manufactured home transaction).     §46-9-515(d)


Debtor Information

  To delete a previous debtor and add a new debtor, specify the action taken for each debtor.    Adding a new debtor will not automatically remove a previous debtor. §46-9-516(b)(5)
  To add a debtor, follow the same rules about the debtor name and address as for an initial filing.     §46-9-516(b)(5)


Secured Party Information

  To delete a previous secured party name, show the old name with instructions to delete. Filings deleting all secured parties are ineffective.   If the old name is not specifically deleted, that party will remain a secured party of record. §46-9-511(c)
  To add a new secured party, list the new name and address with instructions to add.     §46-9-516(b)(4)
  To assign all or part of the secured party's interest, list the assignor's name (the previous secured party), the assignee's name (the new secured party), and specify the rights being assigned.     §46-9-514(b)


Collateral Description

  To add or delete collateral, specify the collateral subject to the change.    Previously listed collateral will not be affected unless a change is specified §46-9-512

See WV Code.