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

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

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

   1. (A) to continue the effectiveness of a financing statement filed before the revision takes effect; or
   2. (B) to perfect or continue the perfection of a security interest.

Acts 1999, 76th Leg., ch. 414, Sec. 3.07 and amended by Acts 2001, 77th Leg., ch. 705, Sec. 23, eff. June 13, 2001.