O.C.G.A.

O.C.G.A. § 11-9-509 (2019)

Persons entitled to file a record

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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(a) Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:

(1) The debtor authorizes the filing in an authenticated record or pursuant to subsection (b) or (c) of this Code section; or

(2) The person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.

(b) Security agreement as authorization. By authenticating or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:

(1) The collateral described in the security agreement; and

(2) Property that becomes collateral under paragraph (2) of subsection (a) of Code Section 11-9-315, whether or not the security agreement expressly covers proceeds.

(c) Acquisition of collateral as authorization. By acquiring collateral in which a security interest or agricultural lien continues under paragraph (1) of subsection (a) of Code Section 11-9-315, a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under paragraph (2) of subsection (a) of Code Section 11-9-315.

(d) Person entitled to file certain amendments. A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:

(1) The secured party of record authorizes the filing; or

(2) The amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by subsection (a) or (c) of Code Section 11-9-513, the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.

(e) Multiple secured parties of record. If there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (d) of this Code section.

History

Code 1981, § 11-9-509, enacted by Ga. L. 2001, p. 362, § 1.

Annotations

RESEARCH REFERENCES U.L.A. Uniform Commercial Code (U.L.A.) § 9509.

Notes of Decisions

Cited in 2 cases, 2013–2017 · leading case: Rebel Auction Co., Inc. v. The Citizens Bank., 805 S.E.2d 913 (Ga. Ct. App. 2017).

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Rebel Auction Co., Inc. v. The Citizens Bank., 805 S.E.2d 913 (Ga. Ct. App. 2017). · cites it 4× “. By authenticating or becoming bound as debtor by a security agreement, a debtor .”

Det. Mgmt., LLC v. UMB Bank, NA (In re Mun. Corr., LLC), 501 B.R. 119 (Bankr. N.D. Ga. 2013). · cites it 4× “O.C.G.A. § 11-9-509. The Court concludes that an authorized fixture filing that is filed in the real property records of a county, under the debtor’s name, is sufficiently within the chain of title to provide a purchaser with constructive notice of its contents.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.