Wyoming · 34.1 · statute
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sha256 6fd5bb045cd623e57eb199fb587d897d8b3a4d01152fb6092e369445ef977344
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This article does not require a bank to enter into an agreement of the kind described in section 34.1-9-104(a)(ii), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer. Rights of Third Parties
Propose a change(a) Except as otherwise provided in subsection (b) and sections 34.1-9-406, 34.1-9-407, 34.1-9-408 and 34.1-9-409, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article. (b) An agreement between the debtor and secured party which prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
Propose a changeThe existence of a security interest, agricultural lien or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.
Propose a change(a) In this section, "value" has the meaning provided in section 34.1-3-303(a). (b) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable by an assignee that takes an assignment: (i) For value; (ii) In good faith; (iii) Without notice of a claim of a property or possessory right to the property assigned; and (iv) Without notice of a defense or claim in recoupment of the type that may be asserted against a person entitled to enforce a negotiable instrument under section 34.1-3-305(a). (c) Subsection (b) does not apply to defenses of a type that may be asserted against a holder in due course of a negotiable instrument under section 34.1-3-305(b). (d) In a consumer transaction, if a record evidences the account debtor's obligation, law other than this article requires that the record include a statement to the effect that the rights of an assignee are subject to claims or defenses that the account debtor could assert against the original obligee, and the record does not include such a statement: (i) The record has the same effect as if the record included such a statement; and (ii) The account debtor may assert against an assignee those claims and defenses that would have been available if the record included such a statement. (e) This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family or household purposes. (f) Except as otherwise provided in subsection (d), this section does not displace law other than this article which gives effect to an agreement by an account debtor not to assert a claim or defense against an assignee.
Propose a change(a) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b) through (e), the rights of an assignee are subject to: (i) All terms of the agreement between the account debtor and assignor and any defense or claim in recoupment arising from the transaction that gave rise to the contract; and (ii) Any other defense or claim of the account debtor against the assignor which accrues before the account debtor receives a notification of the assignment authenticated by the assignor or the assignee. (b) Subject to subsection (c) and except as otherwise provided in subsection (d), the claim of an account debtor against an assignor may be asserted against an assignee under subsection (a) only to reduce the amount the account debtor owes. (c) This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family or household purposes. (d) In a consumer transaction, if a record evidences the account debtor's obligation, law other than this article requires that the record include a statement to the effect that the account debtor's recovery against an assignee with respect to claims and defenses against the assignor may not exceed amounts paid by the account debtor under the record, and the record does not include such a statement, the extent to which a claim of an account debtor against the assignor may be asserted against an assignee is determined as if the record included such a statement. (e) This section does not apply to an assignment of a health-care-insurance receivable.
Propose a change(a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (b) through (d). (b) Subsection (a) applies to the extent that: (i) The right to payment or a part thereof under an assigned contract has not been fully earned by performance; or (ii) The right to payment or a part thereof has been fully earned by performance and the account debtor has not received notification of the assignment under section 34.1-9-406(a). (c) This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family or household purposes. (d) This section does not apply to an assignment of a health-care-insurance receivable.
Propose a changeassignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective. (a) Subject to subsections (b) through (j), an account debtor on an account, chattel paper or a payment intangible may discharge its obligation by paying the assignor until, but not after, the account debtor receives a notification, authenticated by the assignor or the assignee, that the amount due or to become due has been assigned and that payment is to be made to the assignee. After receipt of the notification, the account debtor may discharge its obligation by paying the assignee and may not discharge the obligation by paying the assignor. (b) Subject to subsection (h), notification is ineffective under subsection (a): (i) If it does not reasonably identify the rights assigned; (ii) To the extent that an agreement between an account debtor and a seller of a payment intangible limits the account debtor's duty to pay a person other than the seller and the limitation is effective under law other than this article; or (iii) At the option of an account debtor, if the notification notifies the account debtor to make less than the full amount of any installment or other periodic payment to the assignee, even if: (A) Only a portion of the account, chattel paper or payment intangible has been assigned to that assignee; (B) A portion has been assigned to another assignee; or (C) The account debtor knows that the assignment to that assignee is limited. (c) Subject to subsection (h), if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (a). (d) Except as otherwise provided in subsection (e) and sections 34.1-2A-303 and 34.1-9-407, and subject to subsection (h), a term in an agreement between an account debtor and an assignor or in a promissory note is ineffective to the extent that it: (i) Prohibits, restricts or requires the consent of the account debtor or person obligated on the promissory note to the assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in, the account, chattel paper, payment intangible or promissory note; or (ii) Provides that the assignment or transfer or the creation, attachment, perfection or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination right of termination, or remedy under the account, chattel paper, payment intangible or promissory note. (e) Subsection (d) does not apply to the sale of a payment intangible or promissory note, other than a sale pursuant to a disposition under W.S. 34.1-9-610 or an acceptance of collateral under W.S. 34.1-9-620. (f) Except as otherwise provided in sections 34.1-2A-303 and 34.1-9-407 and subject to subsections (h) and (j), a rule of law, statute or regulation that prohibits, restricts or requires the consent of a government, governmental body or official or account debtor to the assignment or transfer of, or creation of a security interest in, an account or chattel paper is ineffective to the extent that the rule of law, statute or regulation: (i) Prohibits, restricts or requires the consent of the government, governmental body or official, or account debtor to the assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in the account or chattel paper; or (ii) Provides that the assignment or transfer or the creation, attachment, perfection or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination or remedy under the account or chattel paper. (g) Subject to subsection (h), an account debtor may not waive or vary its option under paragraph (b)(iii). (h) This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family or household purposes. (j) This section prevails over any inconsistent provision of an existing or future statute, rule or regulation of this state unless the provision is contained in a statute of this state, refers expressly to this section and states that the provision prevails over this section. Subsection (f) of this section does not apply to an assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in, a right the transfer of which is prohibited or restricted by any of the following statutes to the extent that the statute is inconsistent with subsection (f) of this section: W.S. 1-40-113, 26-15-132 and 27-14-702. (k) Except to the extent otherwise provided in subsection (j), this section prevails over any inconsistent provision of an existing or future statute, rule or regulation of this state unless the provision is contained in a statute of this state, refers expressly to this section and states that the provision prevails over this section.
Propose a changesecurity interest in leasehold interest or in lessor's residual interest. (a) Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it: (i) Prohibits, restricts or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or (ii) Provides that the assignment or transfer or the creation, attachment, perfection or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination or remedy under the lease. (b) Except as otherwise provided in section 34.1-2A-303(g), a term described in paragraph (a)(ii) is effective to the extent that there is: (i) A transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or (ii) A delegation of a material performance of either party to the lease contract in violation of the term. (c) The creation, attachment, perfection or enforcement of a security interest in the lessor's interest under the lease contract or the lessor's residual interest in the goods is not a transfer that materially impairs the lessee's prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of section 34.1-2A-303(d) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor.
Propose a changenotes, health-care-insurance receivables and certain general intangibles ineffective. (a) Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or a general intangible, including a contract, permit, license or franchise, and which term prohibits, restricts or requires the consent of the person obligated on the promissory note or the account debtor to, the assignment or transfer of, or creation, attachment or perfection of a security interest in, the promissory note, health-care-insurance receivable or general intangible, is ineffective to the extent that the term: (i) Would impair the creation, attachment or perfection of a security interest; or (ii) Provides that the assignment or transfer or the creation, attachment or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination or remedy under the promissory note, health-care-insurance receivable or general intangible. (b) Subsection (a) applies to a security interest in a payment intangible or promissory note only if the security interest arises out of a sale of the payment intangible or promissory note, other than a sale pursuant to a disposition under W.S. 34.1-9-610 or an acceptance of collateral under W.S. 34.1-9-620. (c) A rule of law, statute or regulation that prohibits, restricts or requires the consent of a government, governmental body or official, person obligated on a promissory note, or account debtor to the assignment or transfer of, or creation of a security interest in, a promissory note, health-care-insurance receivable or general intangible including a contract, permit, license or franchise between an account debtor and a debtor, is ineffective to the extent that the rule of law, statute or regulation: (i) Would impair the creation, attachment or perfection of a security interest; or (ii) Provides that the assignment or transfer or the creation, attachment or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination or remedy under the promissory note, health-care-insurance receivable or general intangible. (d) To the extent that a term in a promissory note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or general intangible or a rule of law, statute or regulation described in subsection (c) would be effective under law other than this article but is ineffective under subsection (a) or (c), the creation, attachment or perfection of a security interest in the promissory note, health-care-insurance receivable or general intangible: (i) Is not enforceable against the person obligated on the promissory note or the account debtor; (ii) Does not impose a duty or obligation on the person obligated on the promissory note or the account debtor; (iii) Does not require the person obligated on the promissory note or the account debtor to recognize the security interest, pay or render performance to the secured party, or accept payment or performance from the secured party; (iv) Does not entitle the secured party to use or assign the debtor's rights under the promissory note, health-care-insurance receivable or general intangible, including any related information or materials furnished to the debtor in the transaction giving rise to the promissory note, health-care-insurance receivable or general intangible; (v) Does not entitle the secured party to use, assign, possess or have access to any trade secrets or confidential information of the person obligated on the promissory note or the account debtor; and (vi) Does not entitle the secured party to enforce the security interest in the promissory note, health-care-insurance receivable or general intangible. (e) Except to the extent otherwise provided in subsection (f), this section prevails over any inconsistent provision of an existing or future statute, rule or regulation of this state unless the provision is contained in a statute of this state, refers expressly to this section and states that the provision prevails over this section. (f) Subsection (c) of this section does not apply to an assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, a right the transfer of which is prohibited or restricted by any of the following statutes, to the extent that the statute is inconsistent with subsection (c) of this section: W.S. 1-40-113, 26-15-132 and 27-14-702.
Propose a change(a) A term in a letter of credit or a rule of law, statute, regulation, custom or practice applicable to the letter of credit which prohibits, restricts or requires the consent of an applicant, issuer or nominated person to a beneficiary's assignment of or creation of a security interest in a letter-of-credit right is ineffective to the extent that the term or rule of law, statute, regulation, custom or practice: (i) Would impair the creation, attachment or perfection of a security interest in the letter-of-credit right; or (ii) Provides that the assignment or the creation, attachment or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination or remedy under the letter-of-credit right. (b) To the extent that a term in a letter of credit is ineffective under subsection (a) but would be effective under law other than this article or a custom or practice applicable to the letter of credit, to the transfer of a right to draw or otherwise demand performance under the letter of credit or to the assignment of a right to proceeds of the letter of credit, the creation, attachment or perfection of a security interest in the letter-of-credit right: (i) Is not enforceable against the applicant, issuer, nominated person or transferee beneficiary; (ii) Imposes no duties or obligations on the applicant, issuer, nominated person or transferee beneficiary; and (iii) Does not require the applicant, issuer, nominated person or transferee beneficiary to recognize the security interest, pay or render performance to the secured party or accept payment or other performance from the secured party.
Propose a change(a) Except as otherwise provided in subsection (b), if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is: (i) The office designated for the filing or recording of a record of a mortgage on the related real property, if: (A) The collateral is as-extracted collateral or timber to be cut; or (B) The financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures; or (ii) The office of the secretary of state in all other cases, including a case in which the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing; or (iii) The office of the county clerk for perfection of a security interest in vehicles or motor vehicles. (b) The office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office of the secretary of state. The financing statement also constitutes a fixture filing as to the collateral indicated in the financing statement which is or is to become fixtures.
Propose a changemortgage as financing statement; time of filing financing statement. (a) Subject to subsection (b), a financing statement is sufficient only if it: (i) Provides the name of the debtor; (ii) Provides the name of the secured party or a representative of the secured party; and (iii) Indicates the collateral covered by the financing statement. (b) Except as otherwise provided in section 34.1-9-501(b), to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (a) and also: (i) Indicate that it covers this type of collateral; (ii) Indicate that it is to be filed for record in the real property records; (iii) Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and (iv) If the debtor does not have an interest of record in the real property, provide the name of a record owner. (c) 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: (i) The record indicates the goods or accounts that it covers; (ii) 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; (iii) The record satisfies the requirements for a financing statement in this section but: (A) The record need not indicate that it is to be filed in the real property records; and (B) 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 W.S. 34.1-9-503(a)(iv) applies; and (iv) The record is duly recorded. (d) A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.
Propose a change(a) A financing statement sufficiently provides the name of the debtor: (i) Except as otherwise provided in paragraph (iii) of this subsection, if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the registered organization's name on the public organic record most recently filed with or issued or enacted by the registered organization's jurisdiction of organization which purports to state, amend or restate the registered organization's name; (ii) Subject to subsection (f) of this section, if the collateral is being administered by the personal representative of a decedent, only if the financing statement provides, as the name of the debtor, the name of the decedent and, in a separate part of the financing statement, indicates that the collateral is being administered by a personal representative; (iii) If the collateral is held in a trust that is not a registered organization, only if the financing statement: (A) Provides as for the debtor: (I) If the organic record of the trust specifies a name for the trust, the name specified; or (II) If the organic record of the trust does not specify a name for the trust, the name of the settlor or testator; and (B) In a separate part of the financing statement: (I) If the name is provided in accordance with subparagraph (A)(I) of this paragraph, indicates that the collateral is held in trust; or (II) If the name is provided in accordance with subparagraph (A)(II) of this paragraph, provides additional information sufficient to distinguish the trust from other trusts having one (1) or more of the same settlors or the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates; and (C) Indicates, in the debtor's name or otherwise, that the debtor is a trust or is a trustee acting with respect to property held in trust; (iv) If the debtor is an individual, only if the financing statement: (A) Provides the individual name of the debtor; (B) Provides the surname and first personal name of the debtor; or (C) Subject to subsection (g) of this section, provides the name of the individual which is indicated on a driver's license or identification card that this state has issued to the individual and which has not expired; and (v) In other cases: (A) If the debtor has a name, only if the financing statement provides the organizational name of the debtor; and (B) If the debtor does not have a name, only if the financing statement provides the names of the partners, members, associates or other persons comprising the debtor in a manner that each name provided would be sufficient if the person named were the debtor. (b) A financing statement that provides the name of the debtor in accordance with subsection (a) is not rendered ineffective by the absence of: (i) A trade name or other name of the debtor; or (ii) Unless required under subparagraph (a)(v)(B), names of partners, members, associates or other persons comprising the debtor. (c) A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor. (d) Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement. (e) A financing statement may provide the name of more than one (1) debtor and the name of more than one (1) secured party. (f) The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the name of the decedent under paragraph (a)(ii) of this section. (g) If the state has issued to an individual more than one (1) driver's license or identification card of a kind described in subparagraph (a)(iv)(C), the one (1) that was issued most recently is the one (1) to which subparagraph (a)(iv)(C) refers. (h) In this section, the "name of the settlor or testator" means: (i) If the settlor is a registered organization, the name of the registered organization indicated on the public organic record filed with or issued or enacted by the registered organization's jurisdiction of organization; or (ii) In other cases, the name of the settlor or testator indicated in the trust's organic record.
Propose a change(a) A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (i) A description of the collateral pursuant to section 34.1-9-108; or (ii) An indication that the financing statement covers all assets or all personal property.
Propose a changetreaties for consignments, leases, other bailments and other transactions. (a) A consignor, lessor or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in section 34.1-9-311(a), using the terms "consignor", "consignee", "lessor", "lessee", "bailor", "bailee", "licensor", "licensee", "owner", "registered owner", "buyer", "seller" or words of similar import, instead of the terms "secured party" and "debtor". (b) This part applies to the filing of a financing statement under subsection (a) and, as appropriate, to compliance that is equivalent to filing a financing statement under section 34.1-9-311(b), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner or buyer which attaches to the collateral is perfected by the filing or compliance.
Propose a change(a) A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading. (b) Except as otherwise provided in subsection (c), a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 34.1-9-503(a) is seriously misleading. (c) If a search of the records of the filing office under the debtor's correct name, using the filing office's standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 34.1-9-503(a), the name provided does not make the financing statement seriously misleading. (d) For purposes of section 34.1-9-508(b), the "debtor's correct name" in subsection (c) means the correct name of the new debtor.
Propose a change(a) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition. (b) Except as otherwise provided in subsection (c) and section 34.1-9-508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under section 34.1-9-506. (c) If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under W.S. 34.1-9-503(a) so that the financing statement becomes seriously misleading under section 34.1-9-506: (i) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four (4) months after, the filed financing statement becomes seriously misleading; and (ii) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four (4) months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four (4) months after the filed financing statement becomes seriously misleading.
Propose a change(a) Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral. (b) If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (a) to be seriously misleading under section 34.1-9-506: (i) The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four (4) months after, the new debtor becomes bound under section 34.1-9-203(d); and (ii) The financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four (4) months after the new debtor becomes bound under section 34.1-9-203(d) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time. (c) This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under section 34.1-9-507(a).
Propose a change(a) 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: (i) The debtor authorizes the filing in an authenticated record or pursuant to subsection (b) or (c) of this section; or (ii) 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) 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: (i) The collateral described in the security agreement; and (ii) Property that becomes collateral under section 34.1-9-315(a)(ii), whether or not the security agreement expressly covers proceeds. (c) By acquiring collateral in which a security interest or agricultural lien continues under section 34.1-9-315(a)(i), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under section 34.1-9-315(a)(ii). (d) 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: (i) The secured party of record authorizes the filing; or (ii) 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 section 34.1-9-513(a) or (c), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. (e) If there is more than one (1) secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (d).
Propose a change(a) A filed record is effective only to the extent that it was filed by a person that may file it under section 34.1-9-509. (b) A record authorized by one (1) secured party of record does not affect the financing statement with respect to another secured party of record. (c) A continuation statement that is not filed within the six (6) month period prescribed by section 34.1-9-515(d) is ineffective.
Propose a change(a) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under section 34.1-9-514(a), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement. (b) If an amendment of a financing statement which provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under section 34.1-9-514(b), the assignee named in the amendment is a secured party of record. (c) A person remains a secured party of record until the filing of an amendment of the financing statement which deletes the person.
Propose a change(a) Subject to section 34.1-9-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e), otherwise amend the information provided in, a financing statement by filing an amendment that: (i) Identifies, by its file number, the initial financing statement to which the amendment relates; and (ii) If the amendment relates to an initial financing statement filed or recorded in a filing office described in section 34.1-9-501(a)(i), provides the date and time that the initial financing statement was filed or recorded and the information specified in section 34.1-9-502(b). (b) Except as otherwise provided in section 34.1-9-515, the filing of an amendment does not extend the period of effectiveness of the financing statement. (c) A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment. (d) A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment. (e) An amendment is ineffective to the extent it: (i) Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or (ii) Purports to delete all secured parties of record and fails to provide the name of a new secured party of record.
Propose a change(a) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: (i) There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation or otherwise give value; or (ii) The debtor did not authorize the filing of the initial financing statement. (b) To comply with subsection (a), a secured party shall cause the secured party of record to file the termination statement: (i) Within one (1) month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation or otherwise give value; or (ii) If earlier, within twenty (20) days after the secured party receives an authenticated demand from a debtor. (c) In cases not governed by subsection (a), within twenty (20) days after a secured party receives an authenticated demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if: (i) Except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation or otherwise give value; (ii) The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation; (iii) The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or (iv) The debtor did not authorize the filing of the initial financing statement. (d) Except as otherwise provided in section 34.1-9-510, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in W.S. 34.1-9-510, for purposes of W.S. 34.1-9-519(g), 34.1-9-522(a), and 34.1-9-523(c), the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse.
Propose a change(a) Except as otherwise provided in subsection (c), an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party. (b) Except as otherwise provided in subsection (c), a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which: (i) Identifies, by its file number, the initial financing statement to which it relates; (ii) Provides the name of the assignor; and (iii) Provides the name and mailing address of the assignee. (c) An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under section 34.1-9-502(c) may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than this title.
Propose a change(a) Except as otherwise provided in subsections (b), (e), (f) and (g), a financing statement filed prior to July 1, 2013 is effective for a period of five (5) years after the date of filing and a financing statement filed on or after July 1, 2013 is effective for a period of ten (10) years. (b) Except as otherwise provided in subsections (e), (f) and (g), an initial financing statement filed in connection with a public-finance transaction or manufactured-home transaction is effective for a period of thirty (30) years after the date of filing if it indicates that it is filed in connection with a public-finance transaction or manufactured-home transaction. (c) The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (d). Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value. (d) A continuation statement may be filed only within six (6) months before the expiration of the period specified in subsection (a) or the thirty (30) year period specified in subsection (b), whichever is applicable. (e) Except as otherwise provided in section 34.1-9-510, upon timely filing of a continuation statement prior to July 1, 2013, the effectiveness of the initial financing statement continues for a period of five (5) years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Except as otherwise provided in section 34.1-9-510, upon timely filing of a continuation statement on or after July 1, 2013, the effectiveness of the initial financing statement continues for a period of ten (10) years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the specified period, the financing statement lapses in the same manner as provided in subsection (c), unless, before the lapse, another continuation statement is filed pursuant to subsection (d). Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement. (f) If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed. (g) A record of a mortgage that is effective as a financing statement filed as a fixture filing under section 34.1-9-502(c) remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.
Propose a change(a) Except as otherwise provided in subsection (b), communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. (b) Filing does not occur with respect to a record that a filing office refuses to accept because: (i) The record is not communicated by a method or medium of communication authorized by the filing office; (ii) An amount equal to or greater than the applicable filing fee is not tendered; (iii) The filing office is unable to index the record because: (A) In the case of an initial financing statement, the record does not provide a name for the debtor; (B) In the case of an amendment or correction statement, the record: (I) Does not identify the initial financing statement as required by section 34.1-9-512 or 34.1-9-518, as applicable; or (II) Identifies an initial financing statement whose effectiveness has lapsed under section 34.1-9-515. (C) In the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or (D) In the case of a record filed or recorded in the filing office described in section 34.1-9-501(a)(i), the record does not provide a sufficient description of the real property to which it relates. (iv) In the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record; (v) In the case of an initial financing statement or an amendment that provides a name of a debtor which was not previously provided in the financing statement to which the amendment relates, the record does not: (A) Provide a mailing address for the debtor; or (B) Indicate whether the name provided as the name of the debtor is the name of an individual or an organization; (C) Repealed By Laws 2013, Ch. 8, § 3. (vi) In the case of an assignment reflected in an initial financing statement under section 34.1-9-514(a) or an amendment filed under section 34.1-9-514(b), the record does not provide a name and mailing address for the assignee; or (vii) In the case of a continuation statement, the record is not filed within the six (6) month period prescribed by section 34.1-9-515(d). (c) For purposes of subsection (b): (i) A record does not provide information if the filing office is unable to read or decipher the information; and (ii) A record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by section 34.1-9-512, 34.1-9-514 or 34.1-9-518, is an initial financing statement. (d) A record that is communicated to the filing office with tender of the filing fee, but which the filing office refuses to accept for a reason other than one set forth in subsection (b), is effective as a filed record except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files.
Propose a changeThe failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
Propose a change(a) A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed. (b) An information statement under subsection (a) of this section must: (i) Identify the record to which it relates by: (A) The file number assigned to the initial financing statement to which the record relates; and (B) If the information statement relates to a record filed or recorded in a filing office described in section 34.1-9-501(a)(i), the date and time that the initial financing statement was filed or recorded and the information specified in section 34.1-9-502(b). (ii) Indicate that it is an information statement; and (iii) Provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed. (c) A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under W.S. 34.1-9-509(d). (d) An information statement under subsection (c) of this section shall: (i) Identify the record to which it relates by: (A) The file number assigned to the initial financing statement to which the record relates; and (B) If the information statement relates to a record filed or recorded in a filing office described in W.S. 34.1-9-501(a)(i), the date and time that the initial financing statement was filed or recorded and the information specified in W.S. 34.1-9-502(b). (ii) Indicate that it is an information statement; and (iii) Provide the basis for the person's belief that the person that filed the record was not entitled to do so under W.S. 34.1-9-509(d). (e) The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record.
Propose a change(a) For each record filed in a filing office, the filing office shall: (i) Assign a unique number to the filed record; (ii) Create a record that bears the number assigned to the filed record and the date and time of filing; (iii) Maintain the filed record for public inspection; and (iv) Index the filed record in accordance with subsections (c), (d) and (e). (b) A file number assigned after January 1, 2005, must include a digit that: (i) Is mathematically derived from or related to the other digits of the file number; and (ii) Aids the filing office in determining whether a number communicated as the file number includes a single-digit or transpositional error. (c) Except as otherwise provided in subsections (d) and (e), the filing office shall: (i) Index an initial financing statement according to the name of the debtor and index all filed records relating to the initial financing statement in a manner that associates with one another an initial financing statement and all filed records relating to the initial financing statement; and (ii) Index a record that provides a name of a debtor which was not previously provided in the financing statement to which the record relates also according to the name that was not previously provided. (d) If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, it must be filed for record and the filing office shall index it: (i) Under the names of the debtor and of each owner of record shown on the financing statement as if they were the mortgagors under a mortgage of the real property described; and (ii) To the extent that the law of this state provides for indexing of records of mortgages under the name of the mortgagee, under the name of the secured party as if the secured party were the mortgagee thereunder, or, if indexing is by description, as if the financing statement were a record of a mortgage of the real property described. (e) If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, the filing office shall index an assignment filed under section 34.1-9-514(a) or an amendment filed under section 34.1-9-514(b): (i) Under the name of the assignor as grantor; and (ii) To the extent that the law of this state provides for indexing a record of the assignment of a mortgage under the name of the assignee, under the name of the assignee. (f) The filing office shall maintain a capability: (i) To retrieve a record by the name of the debtor and: (A) If the filing office is described in section 34.1-9-501(a)(i), by the file number assigned to the initial financing statement to which the record relates and the date and time that the record was filed or recorded; or (B) If the filing office is described in section 34.1-9-501(a)(ii), by the file number assigned to the initial financing statement to which the record relates; and (ii) To associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement. (g) The filing office may not remove a debtor's name from the index until one (1) year after the effectiveness of a financing statement naming the debtor lapses under section 34.1-9-515 with respect to all secured parties of record. (h) The filing office shall perform the acts required by subsections (a) through (e) at the time and in the manner prescribed by filing-office rule, but not later than two (2) business days after the filing office receives the record in question. (j) Subsections (b) and (h) do not apply to a filing office described in section 34.1-9-501(a)(i).
Propose a change(a) A filing office shall refuse to accept a record for filing for a reason set forth in section 34.1-9-516(b) and may refuse to accept a record for filing only for a reason set forth in section 34.1-9-516(b). (b) If a filing office refuses to accept a record for filing, it shall communicate to the person that presented the record the fact of and reason for the refusal and the date and time the record would have been filed had the filing office accepted it. The communication must be made at the time and in the manner prescribed by filing-office rule but, in the case of a filing office described in section 34.1-9-501(a)(ii), in no event more than two (2) business days after the filing office receives the record. (c) A filed financing statement satisfying section 34.1-9-502(a) and (b) is effective, even if the filing office is required to refuse to accept it for filing under subsection (a). However, section 34.1-9-338 applies to a filed financing statement providing information described in section 34.1-9-516(b)(v) which is incorrect at the time the financing statement is filed. (d) If a record communicated to a filing office provides information that relates to more than one (1) debtor, this part applies as to each debtor separately.
Propose a change(a) Repealed By Laws 2013, Ch. 8, § 3. (b) Repealed By Laws 2013, Ch. 8, § 3. (c) A filing office that accepts written records may not refuse to accept a written initial financing statement in the form and format prescribed by the state except for a reason set forth in W.S. 34.1-9-516(b). (d) A filing office that accepts written records may not refuse to accept a written record in the form and format prescribed by the state except for a reason set forth in W.S. 34.1-9-516(b). (e) The secretary of state is authorized to prescribe forms and formats described in subsections (c) and (d) of this section by rule and regulation.
Propose a change(a) The filing office shall maintain a record of the information provided in a filed financing statement for at least one (1) year after the effectiveness of the financing statement has lapsed under section 34.1-9-515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and: (i) If the record was filed or recorded in the filing office described in section 34.1-9-501(a)(i), by using the file number assigned to the initial financing statement to which the record relates and the date and time that the record was filed or recorded; or (ii) If the record was filed in the filing office described in section 34.1-9-501(a)(ii), by using the file number assigned to the initial financing statement to which the record relates. (b) Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with subsection (a).
Propose a change(a) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to section 34.1-9-519(a)(i) and the date and time of the filing of the record. However, if the person furnishes a copy of the record to the filing office, the filing office may instead: (i) Note upon the copy the number assigned to the record pursuant to section 34.1-9-519(a)(i) and the date and time of the filing of the record; and (ii) Send the copy to the person. (b) If a person files a record other than a written record, the filing office shall communicate to the person an acknowledgment that provides: (i) The information in the record; (ii) The number assigned to the record pursuant to section 34.1-9-519(a)(i); and (iii) The date and time of the filing of the record. (c) The filing office shall communicate or otherwise make available in a record the following information to any person that requests it: (i) Whether there is on file on a date and time specified by the filing office, but not a date earlier than three (3) business days before the filing office receives the request, any financing statement that: (A) Designates a particular debtor; (B) Has not lapsed under section 34.1-9-515 with respect to all secured parties of record; and (C) If the request so states, has lapsed under section 34.1-9-515 and a record of which is maintained by the filing office under section 34.1-9-522(a). (ii) The date and time of filing of each financing statement; and (iii) The information provided in each financing statement. (d) In complying with its duty under subsection (c), the filing office may communicate information in any medium. However, if requested, the filing office shall communicate information by issuing its written certificate. (e) The filing office shall perform the acts required by subsections (a) through (d) at the time and in the manner prescribed by filing-office rule, but not later than two (2) business days after the filing office receives the request. (f) At least weekly, the secretary of state shall offer to sell or license to the public on a nonexclusive basis, in bulk, copies of all records filed in it under this part, in every medium from time to time available to the filing office.
Propose a change(a) Delay by the filing office beyond a time limit prescribed by this part is excused if: (i) The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment or other circumstances beyond control of the filing office; and (ii) The filing office exercises reasonable diligence under the circumstances.
Propose a change(a) Except as otherwise provided in subsection (e), fees for services rendered by the filing office under this part must be set by rule adopted by the secretary of state. The rule must set the fees for filing and indexing a record under this article on the following basis: (i) If a record presented for filing is communicated to the filing office in writing and consists of more than two (2) pages, the fee for filing and indexing the record must be at least twice the amount of the fee for a record communicated in writing that consists of one (1) or two (2) pages; and (ii) If the record is communicated by another medium authorized by filing-office rule, the fee for filing and indexing the record must be no more than half the amount of the fee for a record communicated in writing that consists of one (1) or two (2) pages. (b) There is no subsection (b). (c) The number of names required to be indexed does not affect the amount of the fees in subsections (a) and (b). (d) The rule adopted pursuant to subsection (a) must set the fee for responding to a request for information from the filing office, including for communicating whether there is on file any financing statement naming a particular debtor. A fee for responding to a request communicated in writing must be not less than twice the amount of the fee for responding to a request communicated by another medium authorized by filing-office rule. This subsection does not require that a fee be charged for remote access searching of the filing office data base. The rule adopted pursuant to subsection (a) need not specify a fee for remote access searching of the filing office data base. (e) This section does not require a fee with respect to a record of mortgage that is effective as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut under section 34.1-9-502(c). However, the recording and satisfaction fees that otherwise would be applicable to the record of mortgage apply.
Propose a change(a) The secretary of state shall adopt and publish rules to implement this article. The filing-office rules must be: (i) Consistent with this article; and (ii) Adopted and published in accordance with the Wyoming Administrative Procedure Act. (b) To keep the filing-office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this part, and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this part, the secretary of state, so far as is consistent with the purposes, policies and provisions of this article, in adopting, amending and repealing filing-office rules, shall: (i) Consult with filing offices in other jurisdictions that enact substantially this part; and (ii) Consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization; and (iii) Take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this part.
Propose a changeRepealed By Laws 2008, Ch. 44, § 2.
Propose a changeconsignor or buyer of accounts, chattel paper, payment intangibles or promissory notes. (a) After default, a secured party has the rights provided in this part and, except as otherwise provided in section 34.1-9-602, those provided by agreement of the parties. A secured party: (i) May reduce a claim to judgment, foreclose or otherwise enforce the claim, security interest or agricultural lien by any available judicial procedure; and (ii) If the collateral is documents, may proceed either as to the documents or as to the goods they cover. (b) A secured party in possession of collateral or control of collateral under section 34.1-7-106, 34.1-9-104, 34.1-9-105, 34.1-9-106 or 34.1-9-107 has the rights and duties provided in section 34.1-9-207. (c) The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously. (d) Except as otherwise provided in subsection (g) and section 34.1-9-605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties. (e) If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of: (i) The date of perfection of the security interest or agricultural lien in the collateral; (ii) The date of filing a financing statement covering the collateral; or (iii) Any date specified in a statute under which the agricultural lien was created. (f) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this article. (g) Except as otherwise provided in section 34.1-9-607(c), this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles or promissory notes.
Propose a change(a) Except as otherwise provided in section 34.1-9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (i) Section 34.1-9-207(b)(iv)(C), which deals with use and operation of the collateral by the secured party; (ii) Section 34.1-9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account; (iii) Section 34.1-9-607(c), which deals with collection and enforcement of collateral; (iv) Sections 34.1-9-608(a) and 34.1-9-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement or disposition; (v) Sections 34.1-9-608(a) and 34.1-9-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral; (vi) Section 34.1-9-609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace; (vii) Sections 34.1-9-610(b), 34.1-9-611, 34.1-9-613 and 34.1-9-614, which deal with disposition of collateral; (viii) Section 34.1-9-615(f), which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor; (ix) Section 34.1-9-616, which deals with explanation of the calculation of a surplus or deficiency; (x) Sections 34.1-9-620, 34.1-9-621 and 34.1-9-622, which deal with acceptance of collateral in satisfaction of obligation; (xi) Section 34.1-9-623, which deals with redemption of collateral; (xii) Section 34.1-9-624, which deals with permissible waivers; and (xiii) Sections 34.1-9-625 and 34.1-9-626, which deal with the secured party's liability for failure to comply with this article.
Propose a change(a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in section 34.1-9-602 if the standards are not manifestly unreasonable. (b) Subsection (a) does not apply to the duty under section 34.1-9-609 to refrain from breaching the peace.
Propose a change