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Pennsylvania Statutes Title 13 Pa.C.S.A. Commercial Code § 9502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Sufficiency of financing statement.--Subject to subsection (b), 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) Real-property-related financing statements.--Except as otherwise provided in section 9501(b) (relating to filing office for transmitting utilities), to be sufficient, a financing statement which covers as-extracted collateral or timber to be cut or which is filed as a fixture filing and covers goods which are or are to become fixtures must satisfy subsection (a) and also:

(1) indicate that it covers this type of collateral;

(2) indicate that it is to be filed in the real property records;

(3) provide a description of the real property to which the collateral is related; and

(4) if the debtor does not have an interest of record in the real property, provide the name of a record owner.

(c) Record of mortgage as financing statement.--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 all of the following apply:

(1) The record indicates the goods or accounts which 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 subject to the following:

(i) The record need not indicate that it is to be filed in the real property records.

(ii) The record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom section 9503(a)(4) (relating to name of debtor and secured party) applies.

(4) The record is duly recorded.

(d) Filing before security agreement or attachment.--A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 13 Pa.C.S.A. Commercial Code § 9502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-13-pacsa-commercial-code/pa-csa-sect-13-9502/

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