Wis. Admin. Code Department of Financial Institutions DFI-CCS 3.08 - Amendment
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.
(a)
Collateral amendment or address
change. An amendment that amends only the collateral description or
one or more addresses shall have 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 shall affect only the interests of each
authorizing secured party or debtor.
(b)
Debtor name change. An
amendment that changes a debtor's name shall have no effect on the status of
any debtor or secured party, except that the related initial financing
statement, and all UCC documents that include an identification of the 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 the initial financing statement and the related UCC
documents. The statement of amendment shall affect only the rights of its
authorizing secured party.
(c)
Secured party name change. An amendment that changes the name
of a secured party shall have no effect on the status of any debtor or any
secured party, but the new name shall be 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
shall have 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
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 shall have 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 shall have no effect on the status of any party to the
financing statement, even if the amendment purports to delete all secured
parties of record.
(2)
STATUS OF FINANCING STATEMENT. An amendment shall have no effect upon the
status of the financing statement, except that a continuation shall extend the
period of effectiveness of a financing statement.
Notes
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