A person may file an initial financing statement or a continuation statement under this part if:

1. (1) the secured party of record authorizes the filing; and

2. (2) the filing is necessary under this part:

   1. (a) to continue the effectiveness of a financing statement filed before July 1, 2001; or
   2. (b) to perfect or continue the perfection of a security interest.

History: En. Sec. 166, Ch. 305, L. 1999.