§ 9807 Financing Statement Amendments

Key Takeaways

•This law is about old loan papers filed before July 1, 2014.
•After July 1, 2014, you can only change or cancel these old papers by following new rules.
•If California’s rules apply, you must file new papers in the right office to update or keep the old loan papers valid.
•You can cancel an old loan paper by filing a cancellation form in the same office where the old paper was filed.

Example

Imagine you took out a loan to buy a car in 2013, and the bank filed a paper saying they have a claim on your car if you don’t pay. Now, in 2025, you want to change that paper because you paid off part of the loan.

You can’t just change the old paper anytime you want. You have to follow the new rules, like filing a new paper in the right office to update it. If you don’t, the old paper might not protect the bank’s claim anymore.

(a) In this section, “preeffective-date financing statement” means a financing statement filed before July 1, 2014. (b) After July 1, 2014, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in this division as amended by the act adding this chapter. However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed. (c) Except as otherwise provided in subdivision (d), if the law of this state governs perfection of a security interest, the information in a preeffective-date financing statement may be amended after July 1, 2014, only if: (1) The preeffective-date financing statement and an amendment are filed in the office specified in Section 9501. (2) An amendment is filed in the office specified in Section 9501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies subdivision (c) of Section 9806. (3) An initial financing statement that provides the information as amended and satisfies subdivision (c) of Section 9806 is filed in the office specified in Section 9501. (d) If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under subdivision (c) or (e) of Section 9805 or Section 9806. (e) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this state may be terminated after July 1, 2014, by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies subdivision (c) of Section 9806 has been filed in the office specified by the law of the jurisdiction governing perfection as provided in this division as amended by the act adding this chapter as the office in which to file a financing statement. (Added by Stats. 2013, Ch. 531, Sec. 23. (AB 502) Effective January 1, 2014. Operative July 1, 2014, by Sec. 28 of Ch. 531.)

Key Takeaways

•This law is about old loan papers filed before July 1, 2014.
•After July 1, 2014, you can only change or cancel these old papers by following new rules.
•If California’s rules apply, you must file new papers in the right office to update or keep the old loan papers valid.
•You can cancel an old loan paper by filing a cancellation form in the same office where the old paper was filed.

Key Takeaways

Example

Key Terms

References

§ 9807 Financing Statement Amendments

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References