Uniform Commercial Code Filings for Crops

Effective January 1, 1998, P.A. 90-300 amends the Counties Code and the Uniform Commercial Code (UCC). The Act requires that financing statements for collateral used in farming operations, including crops, be filed with the Secretary of State. This amendment has changed Section 9-401 of the UCC to alter where and how liens on crops and farm related property are filed. Under previous law, security interests in such property were filed with the recorder in the county of the debtor's residence. Under the new law, the security interest must be filed with the office of the Secretary of State. The amendment also added Section 9-401A, which provides for the manner in which financing statements and continuation statements filed under the old law shall be handled. The amendment further adds two subsections to Section 9-403 for filings made after January 1, 1998. In addition to filing with the Secretary of State, the Act requires payment of a fee and that a copy of the financing statement be sent to the recorder in the county of the debtor's residence.

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