§ 8.9A-515. Duration and effectiveness of financing statement; effect oflapsed 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 period offive years after the date of filing.
(b) Public-finance or manufactured-home transaction. Except as otherwiseprovided in subsections (e), (f), and (g), an initial financing statementfiled in connection with a public-finance transaction or manufactured-hometransaction is effective for a period of thirty years after the date offiling if it indicates that it is filed in connection with a public-financetransaction or manufactured-home transaction.
(c) Lapse and continuation of financing statement. The effectiveness of afiled financing statement lapses on the expiration of the period of itseffectiveness unless before the lapse a continuation statement is filedpursuant to subsection (d). Upon lapse, a financing statement ceases to beeffective and any security interest or agricultural lien that was perfectedby the financing statement becomes unperfected, unless the security interestis perfected otherwise. If the security interest or agricultural lien becomesunperfected upon lapse, it is deemed never to have been perfected as againsta purchaser of the collateral for value.
(d) When continuation statement may be filed. A continuation statement may befiled only within six months before the expiration of the five-year periodspecified in subsection (a) or the thirty-year period specified in subsection(b), whichever is applicable.
(e) Effect of filing continuation statement. Except as otherwise provided in§ 8.9A-510, upon timely filing of a continuation statement, the effectivenessof the initial financing statement continues for a period of five yearscommencing on the day on which the financing statement would have becomeineffective in the absence of the filing. Upon the expiration of thefive-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 ofthe initial financing statement.
(f) Transmitting utility financing statement. If a debtor is a transmittingutility and a filed financing statement so indicates, the financing statementis effective until a termination statement is filed.
(g) Record of mortgage as financing statement. A record of a mortgage that iseffective as a financing statement filed as a fixture filing under § 8.9A-502(c) remains effective as a financing statement filed as a fixture filinguntil the mortgage is released or satisfied of record or its effectivenessotherwise terminates as to the real property.
(1964, c. 219, § 8.9-403; 1973, c. 509; 1975, c. 225; 1976, c. 536; 1977, c.539; 1978, c. 284; 1982, c. 652; 1984, cc. 40, 771; 1985, c. 297; 1988, c.804; 1990, cc. 89, 412; 1992, c. 784; 2000, c. 1007.)
§ 8.9A-515. Duration and effectiveness of financing statement; effect oflapsed 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 period offive years after the date of filing.
(b) Public-finance or manufactured-home transaction. Except as otherwiseprovided in subsections (e), (f), and (g), an initial financing statementfiled in connection with a public-finance transaction or manufactured-hometransaction is effective for a period of thirty years after the date offiling if it indicates that it is filed in connection with a public-financetransaction or manufactured-home transaction.
(c) Lapse and continuation of financing statement. The effectiveness of afiled financing statement lapses on the expiration of the period of itseffectiveness unless before the lapse a continuation statement is filedpursuant to subsection (d). Upon lapse, a financing statement ceases to beeffective and any security interest or agricultural lien that was perfectedby the financing statement becomes unperfected, unless the security interestis perfected otherwise. If the security interest or agricultural lien becomesunperfected upon lapse, it is deemed never to have been perfected as againsta purchaser of the collateral for value.
(d) When continuation statement may be filed. A continuation statement may befiled only within six months before the expiration of the five-year periodspecified in subsection (a) or the thirty-year period specified in subsection(b), whichever is applicable.
(e) Effect of filing continuation statement. Except as otherwise provided in§ 8.9A-510, upon timely filing of a continuation statement, the effectivenessof the initial financing statement continues for a period of five yearscommencing on the day on which the financing statement would have becomeineffective in the absence of the filing. Upon the expiration of thefive-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 ofthe initial financing statement.
(f) Transmitting utility financing statement. If a debtor is a transmittingutility and a filed financing statement so indicates, the financing statementis effective until a termination statement is filed.
(g) Record of mortgage as financing statement. A record of a mortgage that iseffective as a financing statement filed as a fixture filing under § 8.9A-502(c) remains effective as a financing statement filed as a fixture filinguntil the mortgage is released or satisfied of record or its effectivenessotherwise terminates as to the real property.
(1964, c. 219, § 8.9-403; 1973, c. 509; 1975, c. 225; 1976, c. 536; 1977, c.539; 1978, c. 284; 1982, c. 652; 1984, cc. 40, 771; 1985, c. 297; 1988, c.804; 1990, cc. 89, 412; 1992, c. 784; 2000, c. 1007.)
§ 8.9A-515. Duration and effectiveness of financing statement; effect oflapsed 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 period offive years after the date of filing.
(b) Public-finance or manufactured-home transaction. Except as otherwiseprovided in subsections (e), (f), and (g), an initial financing statementfiled in connection with a public-finance transaction or manufactured-hometransaction is effective for a period of thirty years after the date offiling if it indicates that it is filed in connection with a public-financetransaction or manufactured-home transaction.
(c) Lapse and continuation of financing statement. The effectiveness of afiled financing statement lapses on the expiration of the period of itseffectiveness unless before the lapse a continuation statement is filedpursuant to subsection (d). Upon lapse, a financing statement ceases to beeffective and any security interest or agricultural lien that was perfectedby the financing statement becomes unperfected, unless the security interestis perfected otherwise. If the security interest or agricultural lien becomesunperfected upon lapse, it is deemed never to have been perfected as againsta purchaser of the collateral for value.
(d) When continuation statement may be filed. A continuation statement may befiled only within six months before the expiration of the five-year periodspecified in subsection (a) or the thirty-year period specified in subsection(b), whichever is applicable.
(e) Effect of filing continuation statement. Except as otherwise provided in§ 8.9A-510, upon timely filing of a continuation statement, the effectivenessof the initial financing statement continues for a period of five yearscommencing on the day on which the financing statement would have becomeineffective in the absence of the filing. Upon the expiration of thefive-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 ofthe initial financing statement.
(f) Transmitting utility financing statement. If a debtor is a transmittingutility and a filed financing statement so indicates, the financing statementis effective until a termination statement is filed.
(g) Record of mortgage as financing statement. A record of a mortgage that iseffective as a financing statement filed as a fixture filing under § 8.9A-502(c) remains effective as a financing statement filed as a fixture filinguntil the mortgage is released or satisfied of record or its effectivenessotherwise terminates as to the real property.
(1964, c. 219, § 8.9-403; 1973, c. 509; 1975, c. 225; 1976, c. 536; 1977, c.539; 1978, c. 284; 1982, c. 652; 1984, cc. 40, 771; 1985, c. 297; 1988, c.804; 1990, cc. 89, 412; 1992, c. 784; 2000, c. 1007.)
