Idaho Code § 28-12-528 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-528
28-12-528 LESSOR'S DAMAGES FOR NONACCEPTANCE, FAILURE TO PAY, REPUDIATION, OR OTHER DEFAULT.
Status: in_force

PART 5.

DEFAULT

28-12-528. Lessor's damages for nonacceptance, failure to pay, repudiation, or other default. (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (section 28-12-504) or otherwise determined pursuant to agreement of the parties (sections 28-1-302 and 28-12-503), if a lessor elects to retain the goods or a lessor elects to dispose of the goods and the disposition is by lease agreement that for any reason does not qualify for treatment under section 28-12-527(2), or is by sale or otherwise, the lessor may recover from the lessee as damages for a default of the type described in section 28-12-523(1) or 28-12-523(3)(a), or, if agreed, for other default of the lessee, (i) accrued and unpaid rent as of the date of default if the lessee has never taken possession of the goods, or, if the lessee has taken possession of the goods, as of the date the lessor repossesses the goods or an earlier date on which the lessee makes a tender of the goods to the lessor, (ii) the present value as of the date determined under clause (i) of this subsection, of the total rent for the then remaining lease term of the original lease agreement minus the present value as of the same date of the market rent at the place where the goods are located computed for the same lease term, and (iii) any incidental damages allowed under section 28-12-530, less expenses saved in consequence of the lessee's default.

(2) If the measure of damages provided in subsection (1) of this section is inadequate to put a lessor in as good a position as performance would have, the measure of damages is the present value of the profit, including reasonable overhead, the lessor would have made from full performance by the lessee, together with any incidental damages allowed under section History:

[28-12-528, added 1993, ch. 287, sec. 1, p. 1011; am. 2004, ch. 43, sec. 42, p. 163.]
Idaho Code § 28-3-411 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-411
28-3-411 REFUSAL TO PAY CASHIER'S CHECKS, TELLER'S CHECKS, AND CERTIFIED CHECKS.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-411. Refusal to pay cashier's checks, teller's checks, and certified checks. (1) In this section, "obligated bank" means the acceptor of a certified check or the issuer of a cashier's check or teller's check bought from the issuer.

(2) If the obligated bank wrongfully (i) refuses to pay a cashier's check or certified check, (ii) stops payment of a teller's check, or (iii) refuses to pay a dishonored teller's check, the person asserting the right to enforce the check is entitled to compensation for expenses and loss of interest resulting from the nonpayment and may recover consequential damages if the obligated bank refuses to pay after receiving notice of particular circumstances giving rise to the damages.

(3) Expenses or consequential damages under subsection (2) of this section are not recoverable if the refusal of the obligated bank to pay occurs because (i) the bank suspends payments, (ii) the obligated bank asserts a claim or defense of the bank that it has reasonable grounds to believe is available against the person entitled to enforce the instrument, (iii) the obligated bank has a reasonable doubt whether the person demanding payment is the person entitled to enforce the instrument, or (iv) payment is prohibited by law.

History:

[28-3-411, added 1993, ch. 288, sec. 2, p. 1042.]
Idaho Code § 28-9-625 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-625
28-9-625 REMEDIES FOR SECURED PARTY'S FAILURE TO COMPLY WITH CHAPTER.
Status: in_force

PART 6.

DEFAULT

28-9-625. Remedies for secured party's failure to comply with chapter. (a) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and conditions.

(b) Subject to subsections (c) and (d) of this section, a person is liable for damages in the amount of any loss caused by a failure to comply with this chapter. Loss caused by a failure to comply may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative financing.

(c) Except as otherwise provided in section 28-9-628:

(1) A person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under subsection (b) of this section for its loss; and

(2) If the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this part may recover for that failure in any event, an amount not less than the credit service charge plus ten percent (10%) of the principal amount of the obligation or the time price differential plus ten percent (10%) of the cash price.

(d) A debtor whose deficiency is eliminated under section 28-9-626 may recover damages for the loss of any surplus. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under section 28-9-626 may not otherwise recover under subsection (b) of this section for noncompliance with the provisions of this part relating to collection, enforcement, disposition or acceptance.

(e) In addition to any damages recoverable under subsection (b) of this section, the debtor, consumer obligor or person named as a debtor in a filed record, as applicable, may recover one hundred dollars ($100) in each case from a person that:

(1) Files a record that the person is not entitled to file under section 28-9-509(a);

(2) Fails to cause the secured party of record to file or send a termination statement as required by section 28-9-513(a) or (c).

(f) If a secured party fails to comply with a request regarding a list of collateral or a statement of account under section 28-9-210, the secured party may claim a security interest only as shown in the statement included in the request as against a person that is reasonably misled by the failure.

History:

[28-9-625, added 2001, ch. 208, sec. 2, p. 794.]
Idaho Code § 28-2-615 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-615
28-2-615 EXCUSE BY FAILURE OF PRESUPPOSED CONDITIONS.
Status: in_force

PART 6.

BREACH, REPUDIATION AND EXCUSE

28-2-615. Excuse by failure of presupposed conditions. Except so far as a seller may have assumed a greater obligation and subject to the preceding section on substituted performance:

(a) Delay in delivery or nondelivery in whole or in part by a seller who complies with paragraphs (b) and (c) is not a breach of his duty under a contract for sale if performance as agreed has been made impracticable by the occurrence of a contingency the nonoccurrence of which was a basic assumption on which the contract was made or by compliance in good faith with any applicable foreign or domestic governmental regulation or order whether or not it later proves to be invalid.

(b) Where the causes mentioned in paragraph (a) affect only a part of the seller's capacity to perform, he must allocate production and deliveries among his customers but may at his option include regular customers not then under contract as well as his own requirements for further manufacture. He may so allocate in any manner which is fair and reasonable.

(c) The seller must notify the buyer seasonably that there will be delay or nondelivery and, when allocation is required under paragraph (b), of the estimated quota thus made available for the buyer.

History:

[28-2-615, added 1967, ch. 161, sec. 2-615, p. 351.]
Idaho Code § 28-9-402 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-402
28-9-402 SECURED PARTY NOT OBLIGATED ON CONTRACT OF DEBTOR OR IN TORT.
Status: in_force

PART 4.

RIGHTS OF THIRD PARTIES

28-9-402. Secured party not obligated on contract of debtor or in tort. The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.

History:

[28-9-402, added 2001, ch. 208, sec. 2, p. 756.]
Idaho Code § 28-9-203 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-203
28-9-203 ATTACHMENT AND ENFORCEABILITY OF SECURITY INTEREST — PROCEEDS — SUPPORTING OBLIGATIONS — FORMAL REQUISITES.
Status: in_force

PART 2.

EFFECTIVENESS OF SECURITY AGREEMENT — ATTACHMENT OF SECURITY INTEREST — RIGHTS OF PARTIES TO SECURITY AGREEMENT

28-9-203. Attachment and enforceability of security interest — Proceeds — Supporting obligations — Formal requisites. (a) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.

(b) Except as otherwise provided in subsections (c) through (i) of this section, a security interest is enforceable against the debtor and third parties with respect to the collateral only if:

(1) Value has been given;

(2) The debtor has rights in the collateral or the power to transfer rights in the collateral to a secured party; and

(3) One (1) of the following conditions is met:

(A) the debtor has authenticated a security agreement that provides a description of the collateral and, if the security interest covers timber to be cut, a description of the land concerned;

(B) the collateral is not a certificated security and is in the possession of the secured party under section 28-9-313 pursuant to the debtor's security agreement;

(C) the collateral is a certificated security in registered form and the security certificate has been delivered to the secured party under section 28-8-301 pursuant to the debtor's security agreement; or

(D) the collateral is deposit accounts, electronic chattel paper, investment property, letter of credit rights, or electronic documents, and the secured party has control under section 28-7-106, 28-9-104, 28-9-105, 28-9-106 or 28-9-107 pursuant to the debtor's security agreement.

(c) Subsection (b) of this section is subject to section 28-4-210 on the security interest of a collecting bank, section 28-5-120 on the security interest of a letter of credit issuer or nominated person, section 28-9-110 on a security interest arising under chapter 2 or 12, title 28, and section 28-9-206 on security interests in investment property.

(d) A person becomes bound as debtor by a security agreement entered into by another person if, by operation of law other than this chapter or by contract:

(1) The security agreement becomes effective to create a security interest in the person's property; or

(2) The person becomes generally obligated for the obligations of the other person, including the obligation secured under the security agreement, and acquires or succeeds to all or substantially all of the assets of the other person.

(e) If a new debtor becomes bound as debtor by a security agreement entered into by another person:

(1) The agreement satisfies subsection (b)(3) of this section with respect to existing or after-acquired property of the new debtor to the extent the property is described in the agreement; and

(2) Another agreement is not necessary to make a security interest in the property enforceable.

(f) The attachment of a security interest in collateral gives the secured party the rights to proceeds provided by section 28-9-315 and is also attachment of a security interest in a supporting obligation for the collateral.

(g) The attachment of a security interest in a right to payment or performance secured by a security interest or other lien on personal or real property is also attachment of a security interest in the security interest, mortgage or other lien.

(h) The attachment of a security interest in a securities account is also attachment of a security interest in the security entitlements carried in the securities account.

(i) The attachment of a security interest in a commodity account is also attachment of a security interest in the commodity contracts carried in the commodity account.

History:

[28-9-203, added 2001, ch. 208, sec. 2, p. 723; am. 2004, ch. 42, sec. 22, p. 125.]
Idaho Code § 28-12-531 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-531
28-12-531 STANDING TO SUE THIRD PARTIES FOR INJURY TO GOODS.
Status: in_force

PART 5.

DEFAULT

28-12-531. Standing to sue third parties for injury to goods. (1) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract (i) the lessor has a right of action against the third party, and (ii) the lessee also has a right of action against the third party if the lessee:

(a) Has a security interest in the goods;

(b) Has an insurable interest in the goods; or

(c) Bears the risk of loss under the lease contract or has since the injury assumed that risk as against the lessor and the goods have been converted or destroyed.

(2) If at the time of the injury the party plaintiff did not bear the risk of loss as against the other party to the lease contract and there is no arrangement between them for disposition of the recovery, his suit or settlement, subject to his own interest, is as a fiduciary for the other party to the lease contract.

(3) Either party with the consent of the other may sue for the benefit of whom it may concern.

History:

[28-12-531, added 1993, ch. 287, sec. 1, p. 1012.]
Idaho Code § 28-12-204 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-204
28-12-204 FORMATION IN GENERAL.
Status: in_force

PART 2.

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

28-12-204. Formation in general. (1) A lease contract may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of a lease contract.

(2) An agreement sufficient to constitute a lease contract may be found although the moment of its making is undetermined.

(3) Although one (1) or more terms are left open, a lease contract does not fail for indefiniteness if the parties have intended to make a lease contract and there is a reasonably certain basis for giving an appropriate remedy.

History:

[28-12-204, added 1993, ch. 287, sec. 1, p. 984.]
Idaho Code § 28-8-304 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-304
28-8-304 INDORSEMENT.
Status: in_force

PART 3.

TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES

28-8-304. Indorsement. (1) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a special indorsement.

(2) An indorsement purporting to be only of part of a security certificate representing units intended by the issuer to be separately transferable is effective to the extent of the indorsement.

(3) An indorsement, whether special or in blank, does not constitute a transfer until delivery of the certificate on which it appears or, if the indorsement is on a separate document, until delivery of both the document and the certificate.

(4) If a security certificate in registered form has been delivered to a purchaser without a necessary indorsement, the purchaser may become a protected purchaser only when the indorsement is supplied. However, against a transferor, a transfer is complete upon delivery and the purchaser has a specifically enforceable right to have any necessary indorsement supplied.

(5) An indorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but it does not otherwise affect a right to registration that the holder possesses.

(6) Unless otherwise agreed, a person making an indorsement assumes only the obligations provided in section 28-8-108 and not an obligation that the security will be honored by the issuer.

History:

[28-8-304, added 1995, ch. 272, sec. 2, p. 890.]
Idaho Code § 28-4-202 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-202
28-4-202 RESPONSIBILITY FOR COLLECTION OR RETURN — WHEN ACTION TIMELY.
Status: in_force

PART 2.

COLLECTION OF ITEMS — DEPOSITARY AND COLLECTING BANKS

28-4-202. Responsibility for collection or return — When action timely. (1) A collecting bank must exercise ordinary care in:

(a) presenting an item or sending it for presentment;

(b) sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank's transferor after learning that the item has not been paid or accepted, as the case may be;

(c) settling for an item when the bank receives final settlement; and

(d) notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof.

(2) A collecting bank exercises ordinary care under subsection (1) of this section by taking proper action before its midnight deadline following receipt of an item, notice or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness.

(3) Subject to subsection (1)(a) of this section, a bank is not liable for the insolvency, neglect, misconduct, mistake or default of another bank or person or for loss or destruction of an item in the possession of others or in transit.

History:

[28-4-202, added 1967, ch. 161, sec. 4-202, p. 351; am. 1993, ch. 288, sec. 16, p. 1058.]
Idaho Code § 28-8-205 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-205
28-8-205 EFFECT OF UNAUTHORIZED SIGNATURE ON SECURITY CERTIFICATE.
Status: in_force

PART 2.

ISSUE AND ISSUER

28-8-205. Effect of unauthorized signature on security certificate. An unauthorized signature placed on a security certificate before or in the course of issue is ineffective, but the signature is effective in favor of a purchaser for value of the certificated security if the purchaser is without notice of the lack of authority and the signing has been done by:

(1) An authenticating trustee, registrar, transfer agent or other person entrusted by the issuer with the signing of the security certificate or of similar security certificates, or the immediate preparation for signing of any of them; or

(2) An employee of the issuer, or of any of the persons listed in subsection (1) of this section, entrusted with responsible handling of the security certificate.

History:

[28-8-205, added 1995, ch. 272, sec. 2, p. 887.]
Idaho Code § 28-23-104 — Idaho Code / Title 28 / Chapter 23 / Section 28-23-104
28-23-104 DEATH OF DEALER — REPURCHASE FROM HEIRS.
Status: in_force

28-23-104. Death of dealer — Repurchase from heirs. In the event of the death of the retail dealer or a stockholder in a corporation operating a retail dealership in the business of selling and retailing farm implements, equipment, machinery, attachments or repair parts therefor, at the election of the dealer or corporation, the manufacturer, wholesaler or distributor shall, unless the heir or heirs of the deceased elect to continue to operate the dealership, repurchase the merchandise from the heir or heirs upon the same terms and conditions as are otherwise provided in this chapter. In the event the heir or heirs do not agree to continue to operate the retail dealership, it shall be deemed a cancellation or discontinuance of the contract by the retailer under the provisions of sections 28-23-101 and 28-23-102, Idaho Code.

History:

[28-23-104, added 1975, ch. 97, sec. 4, p. 197; am. 2011, ch. 270, sec. 5, p. 733.]
Idaho Code § 28-2-316 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-316
28-2-316 EXCLUSION OR MODIFICATION OF WARRANTIES.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-316. Exclusion or modification of warranties. (1) Words or conduct relevant to the creation of an express warranty and words or conduct tending to negate or limit warranty shall be construed wherever reasonable as consistent with each other; but subject to the provisions of this chapter on parol or extrinsic evidence (section 28-2-202) negation or limitation is inoperative to the extent that such construction is unreasonable.

(2) Subject to subsection (3), to exclude or modify the implied warranty of merchantability or any part of it the language must mention merchantability and in case of a writing must be conspicuous, and to exclude or modify any implied warranty of fitness the exclusion must be by a writing and conspicuous. Language to exclude all implied warranties of fitness is sufficient if it states, for example, that "There are no warranties which extend beyond the description on the face hereof."

(3) Notwithstanding subsection (2)

(a) unless the circumstances indicate otherwise, all implied warranties are excluded by expressions like "as is," "with all faults" or other language which in common understanding calls the buyer's attention to the exclusion of warranties and makes plain that there is no implied warranty; and

(b) when the buyer before entering into the contract has examined the goods or the sample or model as fully as he desired or has refused to examine the goods there is no implied warranty with regard to defects which an examination ought in the circumstances to have revealed to him; and

(c) an implied warranty can also be excluded or modified by course of dealing or course of performance or usage of trade.

(4) Remedies for breach of warranty can be limited in accordance with the provisions of this chapter on liquidation or limitation of damages and on contractual modification of remedy (sections 28-2-718 and 28-2-719).

History:

[28-2-316, added 1967, ch. 161, sec. 2-316, p. 351.]
Idaho Code § 28-36-109 — Idaho Code / Title 28 / Chapter 36 / Section 28-36-109
28-36-109 RENEGOTIATIONS.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATORS

28-36-109. Renegotiations. A renegotiation shall occur when an existing lease-purchase agreement is replaced by a new agreement entered into by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, the following events shall not be treated as renegotiations and shall not require new disclosures:

(1) The additions or return of property in a multiple-item agreement or the substitution of the lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent (25%);

(2) A deferral or extension of one (1) or more periodic payments, or portions of a periodic payment;

(3) A reduction in charges in the lease or agreement; or

(4) A lease or agreement modified in a court proceeding.

History:

[28-36-109, added 1993, ch. 232, sec. 1, p. 810.]
Idaho Code § 28-7-101 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-101
28-7-101 SHORT TITLE.
Status: in_force

PART 1.

GENERAL

28-7-101. Short title. This chapter shall be known and may be cited as "Uniform Commercial Code – Documents of Title."

History:

[28-7-101, added 2004, ch. 42, sec. 2, p. 80.]
Idaho Code § 28-12-104 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-104
28-12-104 LEASES SUBJECT TO OTHER LAW.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-12-104. Leases subject to other law. (1) A lease, although subject to this chapter, is also subject to any applicable:

(a) Certificate of title statute of this state; or

(b) Certificate of title statute of another jurisdiction (section 28-12-105); or

(c) Provision of the Idaho credit code.

(2) In case of conflict between this chapter, other than sections 28-12-105, 28-12-304(3), and 28-12-305(3), and a statute or decision referred to in subsection (1) of this section, the statute controls.

(3) Failure to comply with an applicable law has only the effect specified therein.

History:

[28-12-104, added 1993, ch. 287, sec. 1, p. 981.]
Idaho Code § 28-9-313 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-313
28-9-313 WHEN POSSESSION BY OR DELIVERY TO SECURED PARTY PERFECTS SECURITY INTEREST WITHOUT FILING.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-313. When possession by or delivery to secured party perfects security interest without filing. (a) Except as otherwise provided in subsection (b) of this section, a secured party may perfect a security interest in tangible negotiable documents, goods, instruments, money or tangible chattel paper by taking possession of the collateral. A secured party may perfect a security interest in certificated securities by taking delivery of the certificated securities under section 28-8-301.

(b) With respect to goods covered by a certificate of title issued by this state, a secured party may perfect a security interest in the goods by taking possession of the goods only in the circumstances described in section 28-9-316(d).

(c) With respect to collateral other than certificated securities and goods covered by a document, a secured party takes possession of collateral in the possession of a person other than the debtor, the secured party or a lessee of the collateral from the debtor in the ordinary course of the debtor's business, when:

(1) The person in possession authenticates a record acknowledging that it holds possession of the collateral for the secured party's benefit; or

(2) The person takes possession of the collateral after having authenticated a record acknowledging that it will hold possession of collateral for the secured party's benefit.

(d) If perfection of a security interest depends upon possession of the collateral by a secured party, perfection occurs no earlier than the time the secured party takes possession and continues only while the secured party retains possession.

(e) A security interest in a certificated security in registered form is perfected by delivery when delivery of the certificated security occurs under section 28-8-301, and remains perfected by delivery until the debtor obtains possession of the security certificate.

(f) A person in possession of collateral is not required to acknowledge that it holds possession for a secured party's benefit.

(g) If a person acknowledges that it holds possession for the secured party's benefit:

(1) The acknowledgment is effective under subsection (c) of this section or section 28-8-301(1), even if the acknowledgment violates the rights of a debtor; and

(2) Unless the person otherwise agrees, or law other than this chapter otherwise provides, the person does not owe any duty to the secured party and is not required to confirm the acknowledgment to another person.

(h) A secured party having possession of collateral does not relinquish possession by delivering the collateral to a person other than the debtor or a lessee of the collateral from the debtor in the ordinary course of the debtor's business if the person was instructed before the delivery or is instructed contemporaneously with the delivery:

(1) To hold possession of the collateral for the secured party's benefit; or

(2) To redeliver the collateral to the secured party.

(i) A secured party does not relinquish possession, even if a delivery under subsection (h) of this section violates the rights of a debtor. A person to which collateral is delivered under subsection (h) of this section does not owe any duty to the secured party and is not required to confirm the delivery to another person unless the person otherwise agrees, or law other than this chapter otherwise provides.

History:

[28-9-313, added 2001, ch. 208, sec. 2, p. 735; am. 2004, ch. 42, sec. 28, p. 131.]
Idaho Code § 28-9-512 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-512
28-9-512 AMENDMENT OF FINANCING STATEMENT.
Status: in_force

PART 5.

FILING

28-9-512. Amendment of financing statement. (a) Subject to section 28-9-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e) of this section, otherwise amend the information provided in, a financing statement by filing an amendment that:

(1) Identifies, by its file number, the initial financing statement to which the amendment relates; and

(2) If the amendment relates to an initial financing statement filed or recorded in a filing office described in section 28-9-501(a)(1), provides the information specified in section 28-9-502(b).

(b) Except as otherwise provided in section 28-9-515, the filing of an amendment does not extend the period of effectiveness of the financing statement.

(c) A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.

(d) A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.

(e) An amendment is ineffective to the extent it:

(1) Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or

(2) Purports to delete all secured parties of record and fails to provide the name of a new secured party of record.

History:

[28-9-512, added 2001, ch. 208, sec. 2, p. 766.]