47-9515. Duration and effectiveness of
financing statement; effect of lapsed financing statement
A. Except as otherwise provided in subsections B, E, F and G of this section, a
filed financing statement is effective for a period of five years after the date of
filing.
B. Except as otherwise provided in subsections E, F and G of this section, an
initial financing statement filed in connection with a manufactured home transaction is
effective for a period of thirty years after the date of filing if it indicates that it
is filed in connection with a manufactured home transaction.
C. The effectiveness of a filed financing statement lapses on the expiration of the
period of its effectiveness unless before the lapse a continuation statement is filed
pursuant to subsection D of this section. Upon lapse, a financing statement ceases to be
effective and any security interest or agricultural lien that was perfected by the
financing statement becomes unperfected, unless the security interest is perfected
otherwise. If the security interest or agricultural lien becomes unperfected upon lapse,
it is deemed never to have been perfected as against a purchaser of the collateral for
value.
D. A continuation statement may be filed only within six months before the
expiration of the five year period specified in subsection A of this section or the
thirty year period specified in subsection B of this section, whichever is applicable.
E. Except as otherwise provided in section 47-9510, on timely filing of a
continuation statement, the effectiveness of the initial financing statement continues
for a period of five years commencing on the day on which the financing statement would
have become ineffective in the absence of the filing. On the expiration of the five year
period, the financing statement lapses in the same manner as provided in subsection C of
this section, unless, before the lapse, another continuation statement is filed pursuant
to subsection D of this section. Succeeding continuation statements may be filed in the
same manner to continue the effectiveness of the initial financing statement.
F. If a debtor is a transmitting utility and a filed financing statement so
indicates, the financing statement is effective until a termination statement is filed.
G. A record of a mortgage that is effective as a financing statement filed as a
fixture filing under section 47-9502, subsection C remains effective as a financing
statement filed as a fixture filing until the mortgage is released or satisfied of record
or its effectiveness otherwise terminates as to the real property.
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