80th Texas Legislature, Regular Session, Senate Bill 1540, Chapter 565 Page: 5 of 7
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-A
S.B. No. 1540
1 p.eeee] may file [in the Filing ~offic a correction statement with
2 respect to a record [inx-d tc-hvq md.. r the p rc.n'. na.me] if the
3 person believes that the record is inaccurate or was wrongfully
4 filed.
5 (d) Filing of a correction statement is not effective as an
6 amendment to a filed financing statement and is not sufficient to
7 effect a change in the manner in which the filing office has indexed
8 a financing statement or information contained in a financing
9 statement.
10 SECTION 5. Section 9.705, Business & Commerce Code, is
11 amended by amending Subsection (c) and adding Subsection (g) to
12 read as follows:
13 (c) The revision does not render ineffective an effective
14 financing statement that, before the effective date of the
15 revision, is filed and satisfies the applicable requirements for
16 perfection under the law of the jurisdiction governing perfection
17 as provided in Section 9.103, as it existed immediately before the
18 effective date of the revision. However, except as otherwise19 provided in Subsections (d). [&4] (e), and (q) and Section 9.706,
20 the financing statement ceases to be effective at the earlier of:
21 (1) the time the financing statement would have ceased
22 to be effective under the law of the jurisdiction in which it is
23 filed; or
24 (2) June 30, 2006.
25 (g) Subsection (c)(2) does not apply to a financing
26 statement that was filed before July 1, 2001, in the proper office
27 in this state pursuant to Section 9.401, as that section existed5
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Texas. Legislature. Senate. 80th Texas Legislature, Regular Session, Senate Bill 1540, Chapter 565, legislative document, June 15, 2007; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth155713/m1/5/: accessed May 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.