Utah Admin. Code R154-2-307 - Amendments Generally
(1) Upon the filing
of an amendment the status of the parties shall be unchanged, except that:
(a) When an amendment adds a debtor or a
secured party, the new debtor or secured party shall be added to appropriate
index and associated with the record of the financing statement in the UCC
information management system; and
(b) An amendment that designates an assignee
shall cause the assignee to be added as a secured party of record with respect
to the affected financing statement in the UCC information management
system.
(2)
(a) Notwithstanding the filing of an
amendment that deletes a debtor or a secured party from a financing statement,
no debtor or secured party of record is deleted from the UCC information
management system.
(b) A deleted
secured party will still be treated by the filing office as a secured party of
record as the filing office cannot verify the effectiveness of an
amendment.
(3) Except
when a continuation statement, the filing of an amendment does not affect the
status of the financing statement.
Notes
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