§ 6A-9-515 Duration and effectiveness offinancing statement; effect of lapsed financing statement. – (a) Five-year effectiveness. Except as otherwise provided in subsections(b), (e), (f), and (g), a filed financing statement is effective for a periodof five years after the date of filing.
(b) Public-finance or manufactured-home transaction.Except as otherwise provided in subsections (e), (f), and (g), an initialfinancing statement filed in connection with a public-finance transaction ormanufactured-home transaction is effective for a period of 30 years after thedate of filing if it indicates that it is filed in connection with apublic-finance transaction or manufactured-home transaction.
(c) Lapse and continuation of financing statement. Theeffectiveness of a filed financing statement lapses on the expiration of theperiod of its effectiveness unless before the lapse a continuation statement isfiled pursuant to subsection (d). Upon lapse, a financing statement ceases tobe effective and any security interest or agricultural lien that was perfectedby the financing statement becomes unperfected, unless the security interest isperfected otherwise. If the security interest or agricultural lien becomesunperfected upon lapse, it is deemed never to have been perfected as against apurchaser of the collateral for value.
(d) When continuation statement may be filed. Acontinuation statement may be filed only within six months before theexpiration of the five-year period specified in subsection (a) or the 30-yearperiod specified in subsection (b), whichever is applicable.
(e) Effect of filing continuation statement. Except asotherwise provided in § 6A-9-510, upon timely filing of a continuationstatement, the effectiveness of the initial financing statement continues for aperiod of five years commencing on the day on which the financing statementwould have become ineffective in the absence of the filing. Upon the expirationof the five-year period, the financing statement lapses in the same manner asprovided in subsection (c), unless, before the lapse, another continuationstatement is filed pursuant to subsection (d). Succeeding continuationstatements may be filed in the same manner to continue the effectiveness of theinitial financing statement.
(f) Transmitting utility financing statement. If adebtor is a transmitting utility and a filed financing statement so indicates,the financing statement is effective until a termination statement is filed.
(g) Record of mortgage as financing statement. Arecord of a mortgage that is effective as a financing statement filed as afixture filing under § 6A-9-502(c) remains effective as a financingstatement filed as a fixture filing until the mortgage is released or satisfiedof record or its effectiveness otherwise terminates as to the real property.
§ 6A-9-515 Duration and effectiveness offinancing statement; effect of lapsed financing statement. – (a) Five-year effectiveness. Except as otherwise provided in subsections(b), (e), (f), and (g), a filed financing statement is effective for a periodof five years after the date of filing.
(b) Public-finance or manufactured-home transaction.Except as otherwise provided in subsections (e), (f), and (g), an initialfinancing statement filed in connection with a public-finance transaction ormanufactured-home transaction is effective for a period of 30 years after thedate of filing if it indicates that it is filed in connection with apublic-finance transaction or manufactured-home transaction.
(c) Lapse and continuation of financing statement. Theeffectiveness of a filed financing statement lapses on the expiration of theperiod of its effectiveness unless before the lapse a continuation statement isfiled pursuant to subsection (d). Upon lapse, a financing statement ceases tobe effective and any security interest or agricultural lien that was perfectedby the financing statement becomes unperfected, unless the security interest isperfected otherwise. If the security interest or agricultural lien becomesunperfected upon lapse, it is deemed never to have been perfected as against apurchaser of the collateral for value.
(d) When continuation statement may be filed. Acontinuation statement may be filed only within six months before theexpiration of the five-year period specified in subsection (a) or the 30-yearperiod specified in subsection (b), whichever is applicable.
(e) Effect of filing continuation statement. Except asotherwise provided in § 6A-9-510, upon timely filing of a continuationstatement, the effectiveness of the initial financing statement continues for aperiod of five years commencing on the day on which the financing statementwould have become ineffective in the absence of the filing. Upon the expirationof the five-year period, the financing statement lapses in the same manner asprovided in subsection (c), unless, before the lapse, another continuationstatement is filed pursuant to subsection (d). Succeeding continuationstatements may be filed in the same manner to continue the effectiveness of theinitial financing statement.
(f) Transmitting utility financing statement. If adebtor is a transmitting utility and a filed financing statement so indicates,the financing statement is effective until a termination statement is filed.
(g) Record of mortgage as financing statement. Arecord of a mortgage that is effective as a financing statement filed as afixture filing under § 6A-9-502(c) remains effective as a financingstatement filed as a fixture filing until the mortgage is released or satisfiedof record or its effectiveness otherwise terminates as to the real property.
§ 6A-9-515 Duration and effectiveness offinancing statement; effect of lapsed financing statement. – (a) Five-year effectiveness. Except as otherwise provided in subsections(b), (e), (f), and (g), a filed financing statement is effective for a periodof five years after the date of filing.
(b) Public-finance or manufactured-home transaction.Except as otherwise provided in subsections (e), (f), and (g), an initialfinancing statement filed in connection with a public-finance transaction ormanufactured-home transaction is effective for a period of 30 years after thedate of filing if it indicates that it is filed in connection with apublic-finance transaction or manufactured-home transaction.
(c) Lapse and continuation of financing statement. Theeffectiveness of a filed financing statement lapses on the expiration of theperiod of its effectiveness unless before the lapse a continuation statement isfiled pursuant to subsection (d). Upon lapse, a financing statement ceases tobe effective and any security interest or agricultural lien that was perfectedby the financing statement becomes unperfected, unless the security interest isperfected otherwise. If the security interest or agricultural lien becomesunperfected upon lapse, it is deemed never to have been perfected as against apurchaser of the collateral for value.
(d) When continuation statement may be filed. Acontinuation statement may be filed only within six months before theexpiration of the five-year period specified in subsection (a) or the 30-yearperiod specified in subsection (b), whichever is applicable.
(e) Effect of filing continuation statement. Except asotherwise provided in § 6A-9-510, upon timely filing of a continuationstatement, the effectiveness of the initial financing statement continues for aperiod of five years commencing on the day on which the financing statementwould have become ineffective in the absence of the filing. Upon the expirationof the five-year period, the financing statement lapses in the same manner asprovided in subsection (c), unless, before the lapse, another continuationstatement is filed pursuant to subsection (d). Succeeding continuationstatements may be filed in the same manner to continue the effectiveness of theinitial financing statement.
(f) Transmitting utility financing statement. If adebtor is a transmitting utility and a filed financing statement so indicates,the financing statement is effective until a termination statement is filed.
(g) Record of mortgage as financing statement. Arecord of a mortgage that is effective as a financing statement filed as afixture filing under § 6A-9-502(c) remains effective as a financingstatement filed as a fixture filing until the mortgage is released or satisfiedof record or its effectiveness otherwise terminates as to the real property.
