§490:9-515  Duration and effectiveness of
financing statement; effect of lapsed financing statement.  (a)  Except as
otherwise provided in subsections (b), (e), (f), and (g), 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), an initial financing statement filed in
connection with a public-finance transaction or 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 public-finance transaction or
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). 
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) or the thirty-year period specified in subsection (b), whichever
is applicable.



(e)  Except as otherwise provided in section
490:9-510, upon 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.  Upon the expiration of the five-year period, the
financing statement lapses in the same manner as provided in subsection (c),
unless, before the lapse, another continuation statement is filed pursuant to
subsection (d).  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 490:9-502(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. [L 2000, c 241, pt of §1]