70A-9a-515. Duration and effectiveness of financing statement -- Effect of lapsed
financing statement.
(1) Except as otherwise provided in Subsections (2), (5), (6), and (7), a filed financing
statement is effective for a period of five years after the date of filing.
(2) Except as otherwise provided in Subsections (5), (6), and (7), an initial financing
statement filed in connection with a public-finance transaction or manufactured-home transaction
is effective for a period of 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.
(3) 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
(4). 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.
(4) A continuation statement may be filed only within six months before the expiration of
the five-year period specified in Subsection (1) or the 30-year period specified in Subsection (2),
whichever is applicable.
(5) Except as otherwise provided in Section 70A-9a-510, upon timely filing of a
continuation statement, the effectiveness of the initial financing statement continues for a period
of five 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 five-year period, the financing
statement lapses in the same manner as provided in Subsection (3), unless, before the lapse,
another continuation statement is filed pursuant to Subsection (4). Succeeding continuation
statements may be filed in the same manner to continue the effectiveness of the initial financing
statement.
(6) If a debtor is a transmitting utility and a filed financing statement so indicates, the
financing statement is effective until a termination statement is filed.
(7) A record of a mortgage that is effective as a financing statement filed as a fixture
filing under Subsection 70A-9a-502(3) 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.
Enacted by Chapter 252, 2000 General Session
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Last revised: Thursday, May 28, 2009