Sec. 501. (a) Except as otherwise provided in subsections (b), (c), and (d), 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:

(1) 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

(2) 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.

(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.

(c) Before July 1, 2002, the requirements for perfection of an agricultural lien are as prescribed in the statute establishing the agricultural lien.

(d) Before July 1, 2002, the office in which to file a financing statement to perfect a security interest in equipment used in a farming operation, a farm product, or an account or a general intangible arising from or relating to the sale of a farm product by a farmer is:

(1) the office of the county recorder in the county of the debtor's principal residence, if the debtor is an individual with the debtor's principal residence in Indiana;

(2) the office of the county recorder in the county of the debtor's place of business, if the debtor is an organization with one (1) place of business in Indiana;

(3) the office of the county recorder in the county of the debtor's chief executive office, if the debtor is an organization with two (2) or more places of business in Indiana and the debtor's chief executive office is in Indiana; and

(4) the office of the county recorder in the county in which the collateral is located, for equipment used in a farming operation or farm product, or the office of the secretary of state, for an account or a general intangible arising from or relating to the sale of a farm product by a farmer, in all other cases.

(e) A financing statement filed under subsection (d) is effective for five (5) years after the date the financing statement is filed.

(f) After June 30, 2001, and before July 1, 2002, a financing statement filed under subsection (d) may be amended only by filing an amendment in the same office of county recorder as the office in which the financing statement being amended was filed.

(g) After June 30, 2002, a financing statement filed under subsection (d) may be amended only if a replacement financing statement is filed in the office of the secretary of state. The replacement financing statement must:

(1) satisfy the requirements of IC 26-1-9.1 for an initial financing statement;

(2) identify the earlier financing statement filed under subsection (d) by:

(A) indicating the office in which the earlier financing statement was filed; and

(B) providing the dates of filing and file numbers, if any, of:

(i) the earlier financing statement filed under subsection (d); and

(ii) the most recent amendment filed with respect to the financing statement filed under subsection (d); and

(3) indicate that the earlier financing statement filed under subsection (d) remains effective.

(h) The filing of a replacement financing statement under subsection (g) is effective as a continuation statement of the earlier financing statement filed under subsection (d) if it is filed:

(1) after June 30, 2002; and

(2) before the lapse of the earlier financing statement filed under subsection (d).

The filing of a replacement financing statement under subsection (g) continues the effectiveness of the earlier financing statement filed under subsection (d) for five (5) years after the date the replacement financing statement is filed.

(i) After June 30, 2002, a financing statement filed under subsection (d) may be terminated:

(1) by filing a termination statement in the office in which the initial financing statement has been filed if no replacement financing statement has been filed under subsection (g); or

(2) by filing a termination statement in the office of the secretary of state if a replacement financing statement has been filed under subsection (g).

(j) After June 30, 2002, a financing statement filed under subsection (d) may be assigned only if:

(1) a replacement financing statement is filed under subsection (g); and

(2) an assignment of record is filed that satisfies IC 26-1-9.1-514.

(k) After June 30, 2002, a financing statement filed under subsection (c) may be amended (for purposes other than continuation, termination, or assignment) only if:

(1) a replacement financing statement is filed under subsection (g); and

(2) an amendment is filed that satisfies IC 26-1-9.1-512.

As added by P.L.57-2000, SEC.45. Amended by P.L.165-2001, SEC.11.