Page:United States Statutes at Large Volume 99 Part 2.djvu/427

 PUBLIC LAW 99-198—DEC. 23, 1985

99 STAT. 1537

(4) The term "effective financing statement" means a statement that— (A) is an original or reproduced copy thereof; (B) is signed and filed with the Secretary of State of a State by the secured party; (C) is signed by the debtor; (D) contains, (i) the name and address of the secured party; (ii) the name and address of the person indebted to the secured party; (iii) the social security number of the debtor or, in the case of a debtor doing business other than as an individual, the Internal Revenue Service taxpayer identification number of such debtor; (iv) a description of the farm products subject to the security interest created by the debtor, including the amount of such products where applicable; and a reasonable description of the property, including county or parish in which the property is located; (E) must be amended in writing, within 3 months, similarly signed and filed, to reflect material changes; (F) remains effective for a period of 5 years from the date of filing, subject to extensions for additional periods of 5 years each by refiling or filing a continuation statement within 6 months before the expiration of the initial 5 year period; (G) lapses on either the expiration of the effective period of the statement or the filing of a notice signed by the secured party that the statement has lapsed, whichever occurs first; (H) is accompanied by the requisite filing fee set by the Secretary of State; and (I) substantially complies with the requirements of this subparagraph even though it contains minor errors that are not seriously misleading. (5) The term farm product" means an agricultural commodity such as wheat, corn, soybeans, or a species of livestock such as cattle, hogs, sheep, horses, or poultry used or produced in farming operations, or a product of such crop or livestock in its unmanufactured state (such as ginned cotton, wool-clip, maple syrup, milk, and eggs), that is in the possession of a person engaged in farming operations. (6) The term "knows" or "knowledge" means actual knowledge. (7) The term "security interest" means an interest in farm products that secures payment or performance of an obligation. (8) The term "selling agent" means any person, other than a commission merchant, who is engaged in the business of negotiating the sale and purchase of any farm product on behalf of a person engaged in farming operations. (9) The term "State" means each of the 50 States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Virgin Islands of the United States, American Samoa, the Commonwealth of the Northern Mariana Islands, or the Trust Territory of the Pacific Islands. (10) The term "person" means any individual, partnership, corporation, trust, or any other business entity.

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