§ 9-515 — Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement

Section 9--515. Duration and Effectiveness of Financing Statement;\n Effect of Lapsed Financing Statement.\n (a) Five-year effectiveness. Except as otherwise provided in\nsubsections (b), (e), (f), (g), and (h), a filed financing statement is\neffective for a period of five years after the date of filing.\n (b) Public-financed or manufactured-home transaction. Except as\notherwise provided in subsections (e), (f), (g), and (h), an initial\nfinancing statement filed in connection with a public-financed\ntransaction or manufactured-home transaction is effective for a period\nof 30 years after the date of filing if it indicates that it is filed in\nconnection with a public-financed transaction or manufactured-home\ntransaction.\n (c) Lapse and continuation of financing statement. The effectiveness\nof a filed financing statement lapses on the expiration of the period of\nits effectiveness unless before the lapse a continuation statement is\nfiled pursuant to subsection (d). Upon lapse, a financing statement\nceases to be effective and any security interest or agricultural lien\nthat was perfected by the financing statement becomes unperfected,\nunless the security interest is perfected otherwise. If the security\ninterest or agricultural lien becomes unperfected upon lapse, it is\ndeemed never to have been perfected as against a purchaser of the\ncollateral for value.\n (d) When continuation statement may be filed. A continuation statement\nmay be filed only within six months before the expiration of the\nfive-year period specified in subsection (a) or the thirty-year period\nspecified in subsection (b) or the fifty-year period specified in\nsubsection (h), whichever is applicable.\n (e) Effect of filing continuation statement. Except as otherwise\nprovided in Section 9--510, upon timely filing of a continuation\nstatement, the effectiveness of the initial financing statement\ncontinues for a period of five years commencing on the day on which the\nfinancing statement would have become ineffective in the absence of the\nfiling. Upon the expiration of the five-year period, the financing\nstatement lapses in the same manner as provided in subsection (c),\nunless, before the lapse, another continuation statement is filed\npursuant to subsection (d). Succeeding continuation statements may be\nfiled in the same manner to continue the effectiveness of the initial\nfinancing statement.\n (f) Transmitting utility financing statement. If a debtor is a\ntransmitting utility and a filed initial financing statement so\nindicates, the financing statement is effective until a termination\nstatement is filed.\n (g) Record of mortgage as financing statement. A record of a mortgage\nthat is effective as a financing statement filed as a fixture filing\nunder Section 9--502(c) remains effective as a financing statement filed\nas a fixture filing until the mortgage is released or satisfied of\nrecord or its effectiveness otherwise terminates as to the real\nproperty.\n (h) Cooperative interest transaction. An initial financing statement\ncovering a cooperative interest is effective for a period of 50 years\nafter the date of the filing of the initial financing statement if a\ncooperative addendum is filed simultaneously with the initial financing\nstatement or is filed before the financing statement lapses.\n