Under the new UCC
provisions, WV Code §46-9-509, the identity or role of the person
filing an original financing statement, amendment, continuation or
termination is not important. However, having authority to record
or modify a lien against a person's property is important.
The word "authenticate" is used throughout the UCC information
as it is defined in W. Va. Code §46-9-102(7). In plain terms, it
means that a person "signs" or indicates by some process his
or her identity and intention to have a record accepted.
An initial financing
statement or an amendment adding debtors or collateral may be filed
when:
- The debtor
authorizes the filing in an authenticated record.
- The debtor
authenticates or becomes bound by a security agreement.
- The debtor acquires
collateral in which a security interest or agricultural lien
continues to apply.
- The person filing
holds an agricultural lien that has become effective at the time of
filing.
An amendment releasing
collateral, assigning security interests, removing debtors, or
terminating the financing statement may be filed when:
- The secured party of
record authorizes the filing.
- The secured party
fails to file a termination when required by law (§46-9-513).
- In the case of
multiple secure parties, any one of the secured party's authorizes
an amendment or termination relating solely to its interests.
(For example, a termination filed by one of two secured parties will
not affect the interests of the other.)
A correction statement
may be filed by a person who believes a record is inaccurate or was
wrongfully filed.
