§ 34.1-9-706 — When initial financing statement suffices to continue effectiveness of financing statement

(a) The filing of an initial financing statement in the
office specified in section 34.1-9-501 continues the
effectiveness of a financing statement filed before this act
takes effect if:
(i) The filing of an initial financing statement in
that office would be effective to perfect a security interest
under this act;
(ii) The preeffective date financing statement was
filed in an office in another state or another office in this
state; and
(iii) The initial financing statement satisfies
subsection (c).
(b) The filing of an initial financing statement under
subsection (a) continues the effectiveness of the prefecture
date financing statement:
(i) If the initial financing statement is filed
before this act takes effect, for the period provided in former
section 34.1-9-403 with respect to a financing statement; and
(ii) If the initial financing statement is filed
after this act takes effect, for the period provided in section
34.1-9-515 with respect to an initial financing statement.
(c) To be effective for purposes of subsection (a), an
initial financing statement must:
(i) Satisfy the requirements of Part 5 for an initial
financing statement;
(ii) Identify the preeffective date financing
statement by indicating the office in which the financing
statement was filed and providing the dates of filing and file
numbers, if any, of the financing statement and of the most
recent continuation statement filed with respect to the
financing statement; and
(iii) Indicate that the preeffective date financing
statement remains effective.