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4-9-510. Effectiveness of filed record.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-510. Effectiveness of filed record.
(a) A filed record is effective only to the extent that it was filed by a person that may file it under § 4-9-509 or by the filing office under § 4-9-529.
(b) A record authorized by one (1) secured party of record does not affect the financing statement with respect to another secured party of record.
(c) A continuation statement that is not filed within the six-month period prescribed by § 4-9-515(d) is ineffective.
(d)(1) Except as provided in subdivision (d)(2) of this section, if a debtor is engaged in farming operations and the collateral described in a financing statement is an agricultural lien or a security interest in equipment used in farming operations, farm products, or accounts arising from the sale of farm products, a filing with the circuit clerk of the county where a debtor is engaged in farming operations of a financing statement, a termination statement, or a continuation statement to extend the effectiveness of a financing statement is ineffective.
(2) If a debtor is engaged in farming operations and the collateral described in a financing statement is a farm-stored commodity financed by a loan through the Commodity Credit Corporation of the United States Department of Agriculture, a filing after midnight, December 31, 2012, with the circuit clerk of the county where a debtor is engaged in farming operations of the financing statement, a termination statement, or a continuation statement to extend the effectiveness of the financing statement is ineffective.
(3) The effectiveness of a financing statement that perfects an agricultural lien or a security interest in equipment used in farming operations, farm products, or accounts arising from the sale of farm products may be continued by filing a contin
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-510
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:4-9-510
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 42abda5496261f9b15ebacae0b8ba3144067e39b57eeff3ad2ef5225b19de40c
Source location: content.xml paragraph 10505
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4-9-510. Effectiveness of filed record.
(a) A filed record is effective only to the extent that it was filed by a person that may file it under § 4-9-509 or by the filing office under § 4-9-529.
(b) A record authorized by one (1) secured party of record does not affect the financing statement with respect to another secured party of record.
(c) A continuation statement that is not filed within the six-month period prescribed by § 4-9-515(d) is ineffective.
(d)(1) Except as provided in subdivision (d)(2) of this section, if a debtor is engaged in farming operations and the collateral described in a financing statement is an agricultural lien or a security interest in equipment used in farming operations, farm products, or accounts arising from the sale of farm products, a filing with the circuit clerk of the county where a debtor is engaged in farming operations of a financing statement, a termination statement, or a continuation statement to extend the effectiveness of a financing statement is ineffective.
(2) If a debtor is engaged in farming operations and the collateral described in a financing statement is a farm-stored commodity financed by a loan through the Commodity Credit Corporation of the United States Department of Agriculture, a filing after midnight, December 31, 2012, with the circuit clerk of the county where a debtor is engaged in farming operations of the financing statement, a termination statement, or a continuation statement to extend the effectiveness of the financing statement is ineffective.
(3) The effectiveness of a financing statement that perfects an agricultural lien or a security interest in equipment used in farming operations, farm products, or accounts arising from the sale of farm products may be continued by filing a continuation statement with the Secretary of State before the financing statement expires.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-509. Persons entitled to file a record.
(a) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:
(1) the debtor authorizes the filing in an authenticated record or pursuant to subsection (b) or (c); or
(2) the person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
(b) By authenticating or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:
(1) the collateral described in the security agreement; and
(2) property that becomes collateral under § 4-9-315(a)(2), whether or not the security agreement expressly covers proceeds.
(c) By acquiring collateral in which a security interest or agricultural lien continues under § 4-9-315(a)(1), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under § 4-9-315(a)(2).
(d) A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
(1) the secured party of record authorizes the filing; or
(2) the amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by § 4-9-513(a) or (c), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
(e) If there is more than one (1) secured party of re
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-509
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-9-509. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-515. Duration and effectiveness of financing statement — Effect of lapsed financing statement.
(a) Except as otherwise provided in subsections (b), (e), (f), and (g), a filed financing statement is effective for a period of five (5) years after the date of filing.
(b) Except as otherwise provided in subsections (e), (f), and (g), an initial financing statement filed in connection with a public-finance transaction or manufactured-home transaction is effective for a period of thirty (30) years after the date of filing if it indicates that it is filed in connection with a public-finance transaction or manufactured-home transaction.
(c) The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (d). Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.
(d) A continuation statement may be filed only within six (6) months before the expiration of the five-year period specified in subsection (a) or the thirty-year period specified in subsection (b), whichever is applicable.
(e) Except as otherwise provided in § 4-9-510, upon timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of five (5) years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-515
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-9-515. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-529. Unauthorized financing statement filings — Procedures — Remedies.
(a) An individual, representative of an organization, or other lender in the business of making loans or extending credit may file in the filing office a notarized affidavit or sworn affirmation, signed or attested to under penalty of perjury, that identifies a filed financing statement and states that:
(1) the individual, organization, or other lender is identified as a debtor in the financing statement;
(2) the financing statement was not filed by a bank or by a person that regularly extends credit to agricultural producers; and
(3) the financing statement was filed by a person not entitled to do so under § 4-9-509, § 4-9-708, or § 4-9-808.
(b) An affidavit or sworn affirmation filed under subsection (a) of this section shall include any pertinent information that the Secretary of State may reasonably require.
(c) An affidavit or sworn affirmation shall not be filed under subsection (a) of this section with respect to a financing statement filed by a bank or by a person that regularly extends credit to agricultural producers.
(d)(1) If an affidavit or sworn affirmation is filed under subsection (a) of this section, the filing office may file a termination statement with respect to the financing statement identified in the affidavit.
(2) The termination statement shall indicate that it was filed under this section.
(3) Except as provided in subsections (g) and (h) of this section, a termination statement filed under subdivision (d)(1) of this section shall take effect thirty (30) days after it is filed.
(4) The Secretary of State shall maintain a record of all terminated financing statements.
(e)(1) On the same day that the filing office files a termination statement under
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-529
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-9-529. This identifies an authority to review, not proof of applicability.