§ 4-9-528 — Refiling required

(a) (1) The effectiveness of a financing
statement that was filed before July 1, 1996, and that has not otherwise lapsed by
December 31, 1997, shall lapse in the manner provided in section 4-9-403 (2) of
former article 9 of this title on December 31, 1997, unless a continuation statement
was filed on or after July 1, 1996, but on or before December 31, 1997, that identified
the original statement by filing office, file number, and date of filing and contains a
statement indicating the types or describing the items of collateral indicated in the
financing statement. If a continuation statement was filed in accordance with this
paragraph (1), the effectiveness of the original financing statement is continued for
five years after the last date to which the filing would otherwise have been
effective, whereupon it lapses in the manner provided in section 4-9-515 unless
another continuation statement is filed pursuant to section 4-9-515 prior to such
lapse.

(2) No continuation statement filed pursuant to this subsection (a) on or after
July 1, 1996, shall be ineffective solely because it:

(A) Failed to identify the original statement by county, if the filing office was
the office of the secretary of state and the statement so stated, or by time of filing;

(B) Indicated the types or described the items of the collateral indicated in
the financing statement instead of listing the collateral of the original filing; or

(C) Failed to include a statement that the original financing statement is still
effective.

(b) For purposes of the refiling provisions of this section only, a continuation
statement does not have to be filed during the period beginning July 1, 1996, to
December 31, 1997, when the only collateral on a financing statement is timber to
be cut; minerals or other substances of value which may be extracted from the
earth; fixtures; a mortgage or deed of trust effective as a fixture filing; collateral,
including fixtures, of a transmitting utility; or accounts subject to section 4-9-103
(5) of former article 9 of this title.

(c) References in this section to former article 9 of this title are to article 9
of this title as in effect immediately before July 1, 2001.

Legislative History

Source: L. 2001: Entire article R&RE, p. 1395, � 1, effective July 1.