Missouri Revised Statutes













Chapter 400

Uniform Commercial Code

←400.09-501

Section 400.9-502.1

400.09-503→

August 28, 2015

Contents of financing statement--record of mortgage as financing statement--time of filing financial statement.

400.9-502. (a) Subject to subsection (b), 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 section 400.9-501(b), 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) 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 description of the real property to which the

collateral is related sufficient to give constructive notice of a mortgage

under the law of this state if the description were contained in a record

of the mortgage of the real property; 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 satisfies 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 section 400.9-503(a)(4) applies; and



(4) The record is duly recorded.



(d) A financing statement may be filed before a security agreement is

made or a security interest otherwise attaches.



(L. 1963 p. 503 § 9-502, A.L. 1988 S.B. 583, A.L. 2001 S.B. 288, A.L.

2013 H.B. 212)





2001

1991



2001



400.9-502. (a) Subject to subsection (b), 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 section 400.9-501(b), 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) 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 description of the real property to which the collateral

is related sufficient to give constructive notice of a mortgage under the law

of this state if the description were contained in a record of the mortgage

of the real property; 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 satisfies the requirements for a financing statement in

this section other than an indication that it is to be filed in the real

property records; and



(4) The record is duly recorded.



(d) A financing statement may be filed before a security agreement is

made or a security interest otherwise attaches.



1991



400.9-502. (1) When so agreed and in any event on default

the secured party is entitled to notify an account debtor or the

obligor on an instrument to make payment to him whether or not

the assignor was theretofore making collections on the

collateral, and also to take control of any proceeds to which he

is entitled under section 400.9-306.



(2) A secured party who by agreement is entitled to charge

back uncollected collateral or otherwise to full or limited

recourse against the debtor and who undertakes to collect from

the account debtors or obligors must proceed in a commercially

reasonable manner and may deduct his reasonable expenses of

realization from the collections. If the security agreement

secures an indebtedness, the secured party must account to the

debtor for any surplus, and unless otherwise agreed, the debtor

is liable for any deficiency. But, if the underlying transaction

was a sale of accounts or chattel paper, the debtor is entitled

to any surplus or is liable for any deficiency only if the

security agreement so provides.



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