§ 11-106 — Required Refilings

Section 11--106. Required Refilings.\n (1) If a security interest is perfected or has priority when the act\nenacting this Article takes effect as to all persons or as to certain\npersons without any filing or recording, and if the filing of a\nfinancing statement would be required for the perfection or priority of\nthe security interest against those persons under Revised Article 9, the\nperfection and priority rights of the security interest continue until\nthree years after the effective date of Revised Article 9. The\nperfection will then lapse unless a financing statement is filed as\nprovided in subsection (2) or unless the security interest is perfected\notherwise than by filing.\n (2) A financing statement may be filed within six months before the\nperfection of a security interest would otherwise lapse. Any such\nfinancing statement may be signed by either the debtor or the secured\nparty. It must identify the security agreement, statement or notice\nhowever denominated in any statute or other law repealed or modified by\nthe act enacting this Article, state the office where and the date when\nthe last filing, refiling or recording, if any, was made with respect\nthereto, and the filing number, if any, or book and page, if any, of\nrecording and further state that the security agreement, statement or\nnotice, however denominated, in another filing office under the uniform\ncommercial code or under any statute or other law repealed or modified\nby the act enacting this Article is still effective. Section 9-401 and\nSection 9-103 determine the proper place to file such a financing\nstatement. Except as specified in this subsection, the provisions of\nsubsection (3) of Section 9-403 for continuation statements apply to\nsuch a financing statement.\n