Status of Parties upon Filing an Amendment

PURPOSE: This rule provides for the status of parties upon filing an amendment. (1) After an amendment is filed 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 one (1) or more addresses shall not affect 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, the amendment affects only the interests of each authorizing secured party or debtor; (B) An amendment that changes a debtor’s name shall not affect the status of any debtor or secured party, except that the related initial financing statement and all Uniform Commercial Code (UCC) records that identify the initial financing statement shall be crossindexed in the UCC information management system so that a search under either the debtor’s old name or the debtor’s new name shall reveal the initial financing statement and related UCC records. Such an amendment affects only the rights of its authorizing secured party; (C) An amendment that changes the name of a secured party shall not affect the status of any debtor or any secured party, but the new name is added to the index as if it were a new secured party of record; (D) An amendment that adds a new debtor name shall not affect the status of any party to the financing statement, except the new debtor name shall be added as a new debtor on the financing statement. The addition shall affect only the rights of the secured party authorizing the statement of 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 as a new secured party on the financing statement; (F) An amendment that deletes a debtor shall not affect 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 shall not affect the status of any party to the financing statement, even if the amendment purports to delete all secured parties of record; and (H) An amendment shall not affect the status of the financing statement, except that a continuation may extend the period of effectiveness of a financing statement. AUTHORITY: section 400.9-526, RSMo Supp. 2001.* Original rule filed Sept. 30, 2002, effective March 30, 2003. *Original authority: 400.9-526, RSMo 2001.