CHAPTER 649

An Act to amend and reenact § 8.9-402 of the Code of Virginta, relating
to the formal requirements of a financing statement under the Uniform
Commercial Code.

(S 384]

Approved April 6, 1966

Be it enacted by the General Assembly of Virginia:

Ly That § 8.9-402 of the Code of Virginia be amended and reenacted as
ollows:

§ 8.9-402. (1) A financing statement is sufficient if it is signed by
the debtor and the secured party, gives an address of the secured party
from which information concerning the security interest may be obtained,
gives a mailing address of the debtor and contains a statement indicating
the types, or describing the items, of collateral. A financing statement may
be filed before a security agreement is made or a security interest otherwise
attaches. When the financing statement covers crops growing or to be
grown or goods which are or are to become fixtures, the statement must
also contain a description of the real estate concerned and the name
of the record owner. A copy of the security agreement is sufficient as a
financing statement if it contains the above information and is signed by
both parties.

(2) A financing statement which otherwise complies with subsec-
tion (1) is sufficient although it is signed only by the secured party when
it is filed to perfect a security interest in

(a) collateral already subject to a security interest in another juris-
diction when it is brought into this State. Such a financing statement
must state that the collateral was brought into this State under such cir-
cumstances.

(b) proceeds under § 8.9-306 if the security interest in the original
collateral was perfected. Such a financing statement must describe the
original collateral.

(3) A form substantially as follows is sufficient to comply with sub-
section (1):

Name of debtor (Or aSSigMor) ...........ssscssssccesccscsssscsscessessesssssessesesccrssssess

ACAYESS .o...ccssccccssscscscccccccecccccecesssscsccsscccscssssesesensscsesessessessecousseecocsesescsesouscenenes

Name of secured party (OF ASSIGNEE) ............ccccccessccsrrcereseccssereesssecseeserees

BOGIES « ccerenenusrusnsoasuinans cisana uenenes nna ORIAEHTEIND SEEES nEEES ehones KReENeRameeneNn Hates ootin i emeeNs

1. This financing statement covers the following types (or items) of
property :

(Describe) ..........sccssscsssrscsssesssssesenescnnsnsessessesenscasserscasersesessscsessenseessesesasseeeees

2. (If collateral is crops) The above described crops are growing or
are to be grown on:

(Describe Real Estate and Show Name of Record Owner) ................s0000

OOOO POO PO CEO EEORO SHOE TEOEOEL OOO OOROOHOOOOEOOOH OTH SOO HOSES OSEOOTOO OOOO ECHOHHESESOSOSOHOHOHOESEHOEEEORESOOESSEEOH OOH OOH OOESESECEEER

8. (If collateral is goods which are or are to become fixtures) The
above described goods are affixed or to be affixed to:
(Describe Real Estate and Show Name of Record Owner) ....,..........se008

4. (If proceeds or products of collateral are claimed) Proceeds-Prod-
ucts of the collateral are also covered.

Signature of Debtor (Or ASSIQMOTL) ...........ccsccccesscssssssscsccserscscesssstensscoees

Signature of Secured Party (or ASSIGNEE) ............csssssecscsccrcerscesesssscsces

(4) The term “financing statement” as used in this title means the
origina] financing statement and any amendments but if any amendment
adds collateral, it is effective as to the added collateral only from the filing
date of the amendment.

(5) A financing statement substantially complying with the require-
ments of this section is effective even though it contains minor errors
which are not seriously misleading.

(6) When the financing statement covers crops growing or to be
grown or goods which are or are to become fixtures, failure of the financing
statement to contain a description of the real estate concerned or the name
of the record owner thereof or both, or inaccuracy of either or both, shall
not render the financing statement ineffective but the security interest
created thereby shall be invalid as to any subsequent purchaser or sub-
sequent mortgagee of the real estate who becomes such without knowledge
of the security interest in such crops or fixtures. For purposes of the
foregoing sentence, a mortgagee making additional advances under a
previously recorded mortgage shall be deemed a subsequent mortgagee as
to advances made subsequent to the filing of the financing statement.

(7) For the purpose of this section, the listing of the name in which
such real estate is listed for purposes of taxation shall be substantial
compliance with the requirement of the name of the record owner.