Perfection of Security Interests under Article 9: Changed Circumstances and the Duty to Refile within a Given State

Change affects the facts and circumstances which shape and inform a financing statement that has been filed to perfect an Article 9 security interest. The debtor's residence or place of business, or even his or her name, may change. The collateral may be moved or its use may evolve. What happens when such changes occur in a state such as Nebraska that requires local filing to perfect certain security interests?

Is a secured party who has perfected by filing required to monitor its debtor and the collateral to ensure that the filed financing statement does not become misleading? Or must subsequent creditors searching the Uniform Commercial Code files bear the risk of misleading changes? The 1972 Official Text of Article 9 strikes what amounts to a rough compromise.