AR SB414

Amends Arkansas Code § 4-9-510(a) to specify that filed records are effective only if filed by an authorized person under § 4-9-509 or by the filing office under § 4-9-529.

Creates new Arkansas Code § 4-9-529 allowing individuals or organization representatives to file a notarized affidavit claiming a financing statement was filed without authorization, with exceptions for statements filed by banks or agricultural credit lenders.

Filing office may file a termination statement within 30 days of receiving an affidavit challenging a financing statement's validity, with notice sent by certified mail to secured parties of record.

Secured parties have 20 days to bring an expedited court action to challenge the termination and prove the financing statement was properly filed; court orders can prevent or reinstate termination statements.

Terminated financing statements can be retroactively reinstated if court determines the filing was authorized, except against good-faith purchasers who gave new value relying on the termination; no fees charged for filing affidavits or termination statements.