State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-11 > 70a-11-106

70A-11-106. Required refilings.
(1) If a security interest is perfected or has priority when this act takes effect as to allpersons or as to certain persons without any filing or recording, and if the filing of a financingstatement would be required for the perfection or priority of the security interest against thosepersons under the corrected Uniform Commercial Code, the perfection and priority rights of thesecurity interest continue until three years after the effective date of the corrected UniformCommercial Code. The perfection will then lapse unless a financing statement is filed asprovided in Subsection (4) or unless the security interest is perfected otherwise than by filing.
(2) If a security interest is perfected when the corrected Uniform Commercial Code takeseffect under a law other than the Uniform Commercial Code which requires no further filing,refiling, or recording to continue its perfection, perfection continues until and will lapse threeyears after the corrected Uniform Commercial Code takes effect, unless a financing statement isfiled as provided in Subsection (4) or unless the security interest is perfected otherwise than byfiling, or unless under Section 70A-9a-311 the other law continues to govern filing.
(3) If a security interest is perfected by a filing, refiling, or recording under a lawrepealed by this act which required further filing, refiling or recording to continue its perfection,perfection continues and will lapse on the date provided by the law so repealed for such furtherfiling, refiling, or recording unless a financing statement is filed as provided in Subsection (4) orunless the security interest is perfected otherwise than by filing.
(4) A financing statement may be filed within six months before the perfection of asecurity interest would otherwise lapse. Any such financing statement may be signed by eitherthe debtor or the secured party. It must identify the security agreement, statement, or notice(however denominated in any statute or other law repealed or modified by this act), state theoffice where and the date when the last filing, refiling, or recording, if any, was made withrespect thereto, and the filing number, if any, or book and page, if any, of recording and furtherstate that the security agreement, statement, or notice, however denominated, in another filingoffice under the Uniform Commercial Code or under any statute or other law repealed ormodified by this act is still effective. Section 70A-9a-501 and Sections 70A-9a-301 through70A-9a-307 determine the proper place to file such a financing statement. Except as specified inthis subsection, the provisions of Section 70A-9a-515 for continuation statements apply to such afinancing statement.

Amended by Chapter 131, 2003 General Session