(a)Except as otherwise provided in subsections (b), (e),
(f)and (g), a financing statement filed prior to July 1, 2013
is effective for a period of five (5) years after the date of
filing and a financing statement filed on or after July 1, 2013
is effective for a period of ten (10) years.
(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
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(a) Except as otherwise provided in subsections (b), (e),
(f) and (g), a financing statement filed prior to July 1, 2013
is effective for a period of five (5) years after the date of
filing and a financing statement filed on or after July 1, 2013
is effective for a period of ten (10) years.
(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 deemed 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 period specified in
subsection (a) or the thirty (30) year period specified in
subsection (b), whichever is applicable.
(e) Except as otherwise provided in section 34.1-9-510,
upon timely filing of a continuation statement prior to July 1,
2013, 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. Except as otherwise provided in
section 34.1-9-510, upon timely filing of a continuation
statement on or after July 1, 2013, the effectiveness of the
initial financing statement continues for a period of ten (10)
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 specified 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 section
34.1-9-502(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.