(a) Except as otherwise provided in subsection (b) of this section, if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is:
(1) The office designated for the filing or recording of a record of a mortgage on the related real property, if:
(A) The collateral is as-extracted collateral or timber to be cut; or
(B) The financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures; or
(2) The office of the secretary of state, in all other cases, including a case in which the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing.
(b) The office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office of the secretary of state. The financing statement also constitutes a fixture filing as to the collateral indicated in the financing statement which is or is to become fixtures.
(c) The office in which to file an effective financing statement pursuant to article 9.5 of this title is the office of the secretary of state.
Source: L. 2001: Entire article R&RE, p. 1378, § 1, effective July 1.
Editor's note - Colorado legislative change: Colorado added subsection (c).
4-9-502. Contents of financing statement - record of mortgage as financing statement - time of filing financing statement. (a) Subject to subsection (b) of this section, a financing statement is sufficient only if it:
(1) Provides the name of the debtor;
(2) Provides the name of the secured party or a representative of the secured party; and
(3) Indicates the collateral covered by the financing statement.
(b) Except as otherwise provided in section 4-9-501 (b), to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (a) of this section and also:
(1) Indicate that it covers this type of collateral;
(2) Indicate that it is to be filed for record in the real property records;
(3) Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and
(4) If the debtor does not have an interest of record in the real property, provide the name of a record owner.
(c) A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:
(1) The record indicates the goods or accounts that it covers;
(2) The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;
(3) The record satisfies the requirements for a financing statement in this section other than an indication that it is to be filed in the real property records; and
(4) The record is duly recorded.
(d) A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.
Source: L. 2001: Entire article R&RE, p. 1379, § 1, effective July 1.
Editor's note: This section is similar to former § 4-9-402 as it existed prior to 2001.
Notes of Decisions
Wiley v. Bank of Fountain Valley, 632 P.2d 282 (Colo. Ct. App. 1981).
· cites it 9× “1973, of the Uniform Commercial Code prohibits a creditor with a security interest in both real and personal property from proceeding simultaneously against the personalty under Article 9 of the Code and against the realty pursuant to real property law in case of a default.”
Bilar, Inc. v. Sherman, 572 P.2d 489 (Colo. Ct. App. 1977).
· cites it 8× “As explained in § 4-9-501, C.R.S.1973 (Official Comment No.”
Alamosa Nat'l Bank v. San Luis Valley Grain Growers, Inc., 756 P.2d 1022 (Colo. Ct. App. 1988).
· cites it 6× “A creditor’s remedies pursuant to the U.C.C. are cumulative, it may proceed to reduce its claim to judgment, foreclose on the collateral, dispose of the collateral in a commercially reasonable manner, or retain the goods in satisfaction of the debt.”
First Nat'l Bank of Denver v. Cillessen, 622 P.2d 598 (Colo. Ct. App. 1980).
· cites it 3× “Section 4-9-501(3)(b), C.R.S. 1973. III. The bank further contends that the evidence established that the market value of most of the collateral was obtained at the sales, and that the only deficiency in the evidence pertained to a few minor items worth less than $15,000 — which…”
Sanchez v. Dist. Court Ex Rel. Cnty. of Larimer, 624 P.2d 1314 (Colo. 1981).
· cites it 2× “1973; wrongful resale in violation of the Uniform Commercial Code, section 4-9-501 et seq., C.R.S.1973; and a claim for punitive damages and attorney fees.”
Silverberg v. Colantuno, 991 P.2d 280 (Colo. Ct. App. 1999).
· cites it 3× “Section 4-9-501, C.R.S.1997. To hold that a secured party’s release of the collateral to the debtor triggers the rights and obligations under § 4-9-504 would be tantamount to requiring the secured party first to proceed against the collateral.”
In Re Wells, 51 B.R. 563 (D. Colo. 1985).
· cites it 2× “C.R.S. § 4-9-501, et seq. (1973). The Colorado case law has developed several technical rules in interpreting Article 9 and the allowance of a deficiency judgment.”
Cooper Investments v. Conger, 775 P.2d 76 (Colo. Ct. App. 1989).
· cites it 2× “” (emphasis supplied) Further, § 4-9-501(3)(b), C.R.S., provides that, to the extent that the requirements of § 4-9-504(3), C.”
W. Grp. Nurseries, Inc. v. Pomeranz, 867 P.2d 12 (Colo. Ct. App. 1993).
· cites it 2× “See § 4-9-501, C.R.S. (1992 RepLVol. 2). Thus, we perceive no error in the trial court’s conclusion that the transactions created a security interest and that the provisions of Article 9 governed.”
United Bank of Denver v. Reed, 635 P.2d 922 (Colo. Ct. App. 1981).
· cites it 3× “The security agreements specified that “at least five days prior written notice of the time and place of any public sale or of the time after which any private sale or other intended disposition thereof is to be made” was reasonable notice.”
Flexisystems, Inc. v. Am. Standards Testing Bureau, Inc., 847 P.2d 207 (Colo. Ct. App. 1992).
· cites it 3× “Section 4-9-501, C.R.S. (1992 Repl.Vol. 2) (Official Comment 6) provides that: “A secured party is entitled to reduce his claim to judgment or to foreclose his interest by any available procedure, outside this Article, which state law may provide.”
Colo. Rev. Stat. § 4-9-501(1): 3 cases
Wiley v. Bank of Fountain Valley, 632 P.2d 282 (Colo. Ct. App. 1981).
“1973, of the Uniform Commercial Code prohibits a creditor with a security interest in both real and personal property from proceeding simultaneously against the personalty under Article 9 of the Code and against the realty pursuant to real property law in case of a default.”
Bilar, Inc. v. Sherman, 572 P.2d 489 (Colo. Ct. App. 1977).
“As explained in § 4-9-501, C.R.S.1973 (Official Comment No.”
Alamosa Nat'l Bank v. San Luis Valley Grain Growers, Inc., 756 P.2d 1022 (Colo. Ct. App. 1988).
“A creditor’s remedies pursuant to the U.C.C. are cumulative, it may proceed to reduce its claim to judgment, foreclose on the collateral, dispose of the collateral in a commercially reasonable manner, or retain the goods in satisfaction of the debt.”
Colo. Rev. Stat. § 4-9-501(3): 1 case
Colo. Rev. Stat. § 4-9-501(3)(b): 3 cases
First Nat'l Bank of Denver v. Cillessen, 622 P.2d 598 (Colo. Ct. App. 1980).
“Section 4-9-501(3)(b), C.R.S. 1973. III. The bank further contends that the evidence established that the market value of most of the collateral was obtained at the sales, and that the only deficiency in the evidence pertained to a few minor items worth less than $15,000 — which…”
Cooper Investments v. Conger, 775 P.2d 76 (Colo. Ct. App. 1989).
“” (emphasis supplied) Further, § 4-9-501(3)(b), C.R.S., provides that, to the extent that the requirements of § 4-9-504(3), C.”
United Bank of Denver v. Reed, 635 P.2d 922 (Colo. Ct. App. 1981).
“The security agreements specified that “at least five days prior written notice of the time and place of any public sale or of the time after which any private sale or other intended disposition thereof is to be made” was reasonable notice.”
Colo. Rev. Stat. § 4-9-501(4): 5 cases
Alamosa Nat'l Bank v. San Luis Valley Grain Growers, Inc., 756 P.2d 1022 (Colo. Ct. App. 1988).
“A creditor’s remedies pursuant to the U.C.C. are cumulative, it may proceed to reduce its claim to judgment, foreclose on the collateral, dispose of the collateral in a commercially reasonable manner, or retain the goods in satisfaction of the debt.”
Wiley v. Bank of Fountain Valley, 632 P.2d 282 (Colo. Ct. App. 1981).
“1973, of the Uniform Commercial Code prohibits a creditor with a security interest in both real and personal property from proceeding simultaneously against the personalty under Article 9 of the Code and against the realty pursuant to real property law in case of a default.”
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