§ 11-9-706 — When initial financing statement suffices to continue effectiveness of financing statement

(a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in Code Section 11-9-501 continues the effectiveness of a financing statement filed before July 1, 2001, if: (1) The filing of an initial financing statement in that office would be effective to perfect a security interest under this article; (2) The pre-effective date financing statement was filed in an office in another state or another office in this state; and (3) The initial financing statement satisfies subsection (c) of this Code section. (b) Period of continued effectiveness. The filing of an initial financing statement under subsection (a) of this Code section continues the effectiveness of the pre-effective date financing statement: (1) If the initial financing statement is filed before July 1, 2001, for the period provided in former Code Section 11-9-403 with respect to a financing statement; and (2) If the initial financing statement is filed on or after July 1, 2001, for the period provided in Code Section 11-9-515 with respect to an initial financing statement. (c) Requirements for initial financing statement under subsection (a) of this Code section. To be effective for purposes of subsection (a), an initial financing statement must: (1) Satisfy the requirements of Part 5 of this article for an initial financing statement; (2) Identify the pre-effective date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and (3) Indicate that the pre-effective date financing statement remains effective.

Legislative History

Added by 2001 Ga. Laws 191, § 1, eff. 7/1/2001.