§ 9-706 — When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement

Section 9--706. When Initial Financing Statement Suffices to Continue\n Effectiveness of Financing Statement.\n (a) Initial financing statement in lieu of continuation statement. The\nfiling of an initial financing statement in the office specified in\nSection 9--501 continues the effectiveness of a financing statement\nfiled before Revised Article 9 takes effect if:\n (1) the filing of an initial financing statement in that office\n would be effective to perfect a security interest under\n Revised Article 9;\n (2) the pre-effective-date financing statement was filed in an\n office in another state or another office in this state; and\n (3) the initial financing statement satisfies subsection (c).\n (b) Period of continued effectiveness. The filing of an initial\nfinancing statement under subsection (a) continues the effectiveness of\nthe pre-effective-date financing statement:\n (1) if the initial financing statement is filed before Revised\n Article 9 takes effect, for the period provided in Former\n Section 9--403 with respect to a financing statement; and\n (2) if the initial financing statement is filed after Revised\n Article 9 takes effect, for the period provided in Section\n 9--515 with respect to an initial financing statement.\n (c) Requirements for initial financing statement under subsection (a).\nTo be effective for purposes of subsection (a), an initial financing\nstatement must:\n (1) satisfy the requirements of Part 5 for an initial financing\n statement;\n (2) identify the pre-effective-date financing statement by\n indicating the office in which the financing statement was\n filed and providing the dates of filing and file numbers, if\n any, of the financing statement and of the most recent\n continuation statement filed with respect to the financing\n statement; and\n (3) indicate that the pre-effective-date financing statement\n remains effective.\n