§ 26-1-9.1-515 — Duration and effectiveness of financing statement; effect of lapsed financing statement

Indiana § 26-1-9.1-515

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 9.1: Secured Transactions

Text

(a) Except as otherwise provided in
subsections (b), (e), (f), and (g), a filed financing statement is effective
for a period of five (5) years after the date of filing.
(b) Except as otherwise provided in subsections (e), (f), and (g), an
initial financing statement filed in connection with a public-finance
transaction or manufactured-home transaction is effective for a period
of thirty (30) years after the date of filing if it indicates that it is filed
in connection with a public-finance transaction or manufactured-home
transaction.
(c) The effectiveness of a filed financing statement lapses on the
expiration of the period of its effectiveness unless, before the lapse, a
continuation statement is filed pursuant to subsection (d). Upon lapse,
a financing statement ceases to be effective and any security interest or
agricultural lien that was perfected by the financing statement becomes
unperfected, unless the security interest is perfected otherwise. If the
security interest or agricultural lien becomes unperfected upon lapse,
it is considered never to have been perfected as against a purchaser of
the collateral for value.
(d) A continuation statement may be filed only within six (6)
months before the expiration of the five (5) year period specified in
subsection (a) or the thirty (30) year period specified in subsection (b),
whichever is applicable.
(e) Except as otherwise provided in IC 26-1-9.1-510, upon timely
filing of a continuation statement, the effectiveness of the initial
financing statement continues for a period of five (5) years
commencing on the day on which the financing statement would have
become ineffective in the absence of the filing. Upon the expiration of
the five (5) year period, the financing statement lapses in the same
manner as provided in subsection (c), unless, before the lapse, another
continuation statement is filed pursuant to subsection (d). Succeeding
continuation statements may be filed in the same manner to continue
the effectiveness of the initial financing statement.
(f) If a debtor is a transmitting utility and a filed initial financing
statement so indicates, the financing statement is effective until a
termination statement is filed.
(g) A record of a mortgage that is effective as a financing statement
filed as a fixture filing under IC 26-1-9.1-502(c) remains effective as
a financing statement filed as a fixture filing until the mortgage is
released or satisfied of record or its effectiveness otherwise terminates
as to the real property.

Legislative History

As added by P.L.57-2000, SEC.45. Amended by P.L.54-2011, SEC.15.