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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

009

:
Secured Transactions











 

§

9-502. Contents of financing statement; record of mortgage as financing

statement; time of filing financing statement

(a) Subject to

subsection (b) of this section, a financing statement is sufficient only if it:

(1) provides the

name of the debtor;

(2) provides the

name of the secured party or a representative of the secured party; and

(3) indicates

the collateral covered by the financing statement.

(b) Except as

otherwise provided in subsection 9-501(b) of this title, to be sufficient, a

financing statement that covers as-extracted collateral or timber to be cut, or

which is filed as a fixture filing and covers goods that are or are to become

fixtures, must satisfy subsection (a) of this title and also:

(1) indicate

that it covers this type of collateral;

(2) indicate

that it is to be filed for record in the real property records;

(3) provide a

legally sufficient description of the real property to which the collateral is

related; and

(4) if the

debtor does not have an interest of record in the real property, provide the

name of a record owner.

(c) A record of

a mortgage is effective, from the date of recording, as a financing statement

filed as a fixture filing or as a financing statement covering as-extracted

collateral or timber to be cut only if:

(1) the record

indicates the goods or accounts that it covers;

(2) the goods

are or are to become fixtures related to the real property described in the

record or the collateral is related to the real property described in the

record and is as-extracted collateral or timber to be cut;

(3) the record

complies with the requirements for a financing statement in this section, but:

(A) the record

need not indicate that it is to be filed in the real property records; and

(B) the record

sufficiently provides the name of a debtor who is an individual if it provides

the individual name of the debtor or the surname and first personal name of the

debtor, even if the debtor is an individual to whom subdivision 9-503(a)(4) of

this title applies; and

(4) the record

is recorded.

(d) A financing

statement may be filed before a security agreement is made or a security

interest otherwise attaches. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July

1, 2001; amended 2013, No. 157 (Adj. Sess.), § 1.)