State Codes and Statutes
Statutes > Utah > Title-70a > Chapter-09a > 70a-9a-51570A-9a-515. Duration and effectiveness of financing statement -- Effect of lapsedfinancing statement.
(1) Except as otherwise provided in Subsections (2), (5), (6), and (7), a filed financingstatement is effective for a period of five years after the date of filing.
(2) Except as otherwise provided in Subsections (5), (6), and (7), an initial financingstatement filed in connection with a public-finance transaction or manufactured-home transactionis effective for a period of 30 years after the date of filing if it indicates that it is filed inconnection with a public-finance transaction or manufactured-home transaction.
(3) The effectiveness of a filed financing statement lapses on the expiration of the periodof its effectiveness unless before the lapse a continuation statement is filed pursuant to Subsection(4). Upon lapse, a financing statement ceases to be effective and any security interest oragricultural lien that was perfected by the financing statement becomes unperfected, unless thesecurity interest is perfected otherwise. If the security interest or agricultural lien becomesunperfected upon lapse, it is deemed never to have been perfected as against a purchaser of thecollateral for value.
(4) A continuation statement may be filed only within six months before the expiration ofthe five-year period specified in Subsection (1) or the 30-year period specified in Subsection (2),whichever is applicable.
(5) Except as otherwise provided in Section 70A-9a-510, upon timely filing of acontinuation statement, the effectiveness of the initial financing statement continues for a periodof five years commencing on the day on which the financing statement would have becomeineffective in the absence of the filing. Upon the expiration of the five-year period, the financingstatement lapses in the same manner as provided in Subsection (3), unless, before the lapse,another continuation statement is filed pursuant to Subsection (4). Succeeding continuationstatements may be filed in the same manner to continue the effectiveness of the initial financingstatement.
(6) If a debtor is a transmitting utility and a filed financing statement so indicates, thefinancing statement is effective until a termination statement is filed.
(7) A record of a mortgage that is effective as a financing statement filed as a fixturefiling under Subsection 70A-9a-502(3) remains effective as a financing statement filed as afixture filing until the mortgage is released or satisfied of record or its effectiveness otherwiseterminates as to the real property.
Enacted by Chapter 252, 2000 General Session
