North Carolina Administrative Code › Title 18 - SECRETARY OF STATE › Chapter 05 - UNIFORM COMMERCIAL CODE DIVISION › Subchapter B - UNIFORM COMMERCIAL CODE SECTION › Section .0300 - UCC INFORMATION MANAGEMENT SYSTEM › Section 05B .0304 - AMENDMENT

Current through Register Vol. 39, No. 2, July 15, 2024
The filing office shall act on any UCC record filed with
					 the filing office by adding information obtained from the UCC record to the
					 information system. The filing office shall not act on any UCC record by
					 deleting any information from the information system. An amendment shall have
					 no effect upon the status of the financing statement or parties, except that a
					 continuation may extend the period of effectiveness of a financing statement.
					 The filing office may remove the UCC record and delete the names under which it
					 was indexed one year after lapse. A financing statement filed against a
					 transmitting utility shall lapse when terminated by the last secured party of
					 record.
Upon the filing of an amendment the status of the parties
					 and the status of the financing statement shall be as follows:
(1) Status of secured party and debtor. An
				  amendment shall affect the status of its debtor(s) and secured party(ies) as
				  follows:
(a) Collateral amendment or address
				  change. An amendment that amends only the collateral description or one or more
				  addresses has no effect upon the status of any debtor or secured party. If a
				  statement of 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 statement affects only the interests of each authorizing secured
				  party (or debtor).
(b) Debtor name
				  change. An amendment that changes a debtor's name has no effect on the status
				  of any debtor or secured party, except that the related initial financing
				  statement and all UCC records that include an identification of such initial
				  financing statement shall be cross-indexed 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 such initial financing statement and such related UCC
				  records. Such a statement of amendment affects only the rights of its
				  authorizing secured party(ies).
(c)
				  Secured party name change. An amendment that changes the name of a secured
				  party has no effect on 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) Addition of a debtor.
				  An amendment that adds a new debtor name has no effect upon 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(ies) authorizing the statement of
				  amendment.
(e) Addition of a
				  secured party. 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) Deletion of a
				  debtor. An amendment that deletes a debtor has no effect on the status of any
				  party to the financing statement, even if the amendment purports to delete all
				  debtors.
(g) Deletion of a secured
				  party. An amendment that deletes a secured party of record has no effect on the
				  status of any party to the financing statement, even if the amendment purports
				  to delete all secured parties of record.