§ 41-09-86 — (9-515) Duration and effectiveness of financing statement - Effect of lapsed financing statement

North Dakota § 41-09-86

• Jurisdiction: North Dakota
• Title 41: Uniform Commercial Code
• Ch. 41-09: Secured Transactions

Text

financing statement.
1. Except as otherwise provided in subsections 5, 6, and 7, a financing statement filed in
the personal property records or recorded in real property records is effective for a
period of five years after the date of filing.
2. Except as otherwise provided in subsections 5, 6, and 7, a financing statement
recorded as a fixture filing against real property is effective for a period of five years
after the date of recording.
3. 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 4. 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 deemed
never to have been perfected as against a purchaser of the collateral for value.
4. A continuation statement may be filed only within six months before the expiration of
the five-year period specified in subsection 1.
5. Except as otherwise provided in section 41-09-81, upon timely filing of a continuation
statement, the effectiveness of the initial financing statement continues for a period of
five 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-year
period, the financing statement lapses in the same manner as provided in
subsection 3, unless, before the lapse, another continuation statement is filed pursuant
to subsection 4. Succeeding continuation statements may be filed in the same manner
to continue the effectiveness of the initial financing statement.
6. 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.
7. A record of a mortgage that is effective as a financing statement filed as a fixture filing
under subsection 3 of section 41-09-73 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.