Regarding UCC filings in place before 7/1/01... If collateral descriptions on those don't conform to RA9 language, do we need to get in a panic to file changes on them? Or just what gives?

It looks like Section 9-705 (c) should protect such items.

I will attempt to give you my best answer with my limited understanding of RA9. You cannot just change the collateral descriptions to fit into Revised Article 9 unless your security agreements provide for the same. Because of the "authorization" requirement (no signatures) your file must be documented (new security agreements) that the debtor does authorize the new description, if in fact your are taking more collateral than previously provided. In otherwords, if you are filing a blanket description "crops" without defining the land, which is no longer required, and the debtor has several crops on various lands, you cannot just file the "in lieu" with the description of "crops" unless of course you have all of that debtors crops in all 50 states. You must have a security agreement reflecting that "crops" are taken regardless of their location or as defined in Revised Article 9, or you need to file a specific description on the "in lieu." When you file your "in lieu" financing statement you can amend your collateral descriptions to meet the new definitions under RA9 at that time. However, if the collateral remains the same and it's just the new RA9 categories changed, we are just filing the "in lieu" with the new decription and going forth. The debtor has already authorized us to file against that particular collateral with the previously signed security agreement.