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Revised Article 9 & Agricultural Loans

Answered by: 

Question: 
With the Revised Article 9 would you suggest to continue getting property and legal descriptions for Agricultural or crop loans on state filings and security agreements?
Answer: 

Under Revised Article 9, neither the security agreement nor the financing statement need to include a real estate description for crops. Section 9-502 states that a financing statement is sufficient if it provides the name of the debtor, the name of the secured party or its representative and indicates the collateral covered by the financing statement. The Official Comment 4 to Section 9-502 specifically notes that real estate descriptions for financing statements covering crops are unnecessary. It is possible that your state may have adopted a non-uniform provision regarding agricultural and crop filings, so be sure to check your state statute.

First published on BankersOnline.com 04/14/03

First published on 04/14/2003

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