24.51.010 Place of Filing; Erroneous Filing; Removal of Collateral

(a) The proper place to file in order to perfect a security interest is as follows:

(1) When the collateral is timber to be cut or is minerals or the like (including oil and gas) or accounts subject to Section 24.42.030(e), or when the financing statement is filed as a fixture filing (Section 24.50.130) and the collateral is goods which are or are to become fixtures, then in the office where a mortgage on the real estate concerned would be filed or recorded;

(2) In all other cases, in the office of the Secretary of the Tribe.

(3) Collateral already subject to a security interest in another jurisdiction when it is brought into this jurisdiction, or when the debtor's location is changed to this jurisdiction. Such a financing statement must state that the collateral was brought into this jurisdiction or that the debtor's location was changed to this jurisdiction under such circumstances; or

(4) Proceeds under Section 24.51.030(b) if the security interest in the original collateral was perfected. Such a financing statement must describe the original collateral; or

(5) Collateral as to which the filing has lapsed; or

(6) Collateral acquired after a change of name, identity or corporate structure of the debtor (Subsection (g)).

(b) A form substantially as follows is sufficient to comply with subsection (1):

(1) Name and social security number or internal revenue service tax payer identification number of debtor (or assignor)

(2) Address

(3) Name of secured party (or assignee)

(4) Address

(1) (If collateral is crops) The above described crops are growing or are to be grown on: (Describe real estate)

(2) (If applicable) The above goods are to become fixtures on: (Describe real estate)

(3) (If products of collateral are claimed).

(4) Products of the collateral are also covered. (use whichever is applicable)

(5) Signature of debtor (or assignor)

(6) Signature of secured party (or assignee)

(d) If an amendment to a financing statement relates only to a change in the name or address of the secured party, the amendment may be signed by the secured party alone. Otherwise a financing statement may be amended by filing a writing signed by both the debtor and the secured party. An amendment does not extend the period of effectiveness of a financing statement. If any amendment adds collateral, it is effective as to the added collateral only from the filing date of the amendment.

(e) In this article, unless the context otherwise requires, the term "financing statement" means the original financing statement and any amendments.

(f) A financing statement covering timber to be cut or covering minerals or the like (including oil and gas) or accounts subject to Section 24.42.030(e), or a financing statement filed as a fixture filing where the debtor is not a transmitting utility, must show that it covers this type of collateral, must recite that it is to be filed for record in the real estate records, and the financing statement must contain a description of the real estate sufficient if it were contained in a mortgage of the real estate to give constructive notice of the mortgage under the law of the Tribe. If the debtor does not have an interest of record in the real estate, the financing statement must show the name of a record owner. No description of the real estate or the name of the record owner thereof is required for a fixture filing where the debtor is a transmitting utility (Section 24.51.010(e).

(g) A mortgage is effective as a financing statement filed as a fixture filing from the date of its recording if:

(1) the goods are described in the mortgage by item or type;

(2) the goods are or are to become fixtures related to the real estate described in the mortgage;

(3) the mortgage complies with the requirements for a financing statement in this section other than a recital that it is to be filed in the real estate records; and

(4) the mortgage is duly recorded. No fee with reference to the financing statement is required other than the regular recording and satisfaction fees with respect to the mortgage.

(h) A financing statement sufficiently shows the name of the debtor if it gives the individual, partnership or corporate name of the debtor, whether or not it adds other trade names or the names of partners.

(i) Where the debtor so changes his or her name or in the case of an organization its name, identity or corporate structure that a filed financing statement becomes seriously misleading, the filing is not effective to perfect a security interest in collateral acquired by the debtor more than four (4) months after the change, unless a new appropriate financing statement is filed before the expiration of that time. A filed financing statement remains effective with respect to collateral transferred by the debtor even though the secured party knows of or consents to the transfer.