47-9706. When initial financing statement suffices as continuation statement

256 words·~1 min read·/az/title-47/47-9706

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The filing of an initial financing statement in the office specified in section 47-9501 continues the effectiveness of a financing statement filed before July 1, 2001 if:

1. The filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter, as added in 1999;

2. The pre-effective date financing statement was filed in an office in another state or another office in this state; and

3. The initial financing statement satisfies subsection B of this section.

B. The filing of an initial financing statement under subsection A of this section continues the effectiveness of the pre-effective date financing statement:

1. If the initial financing statement is filed before July 1, 2001, for the period provided in former section 47-9403 with respect to a financing statement; and

2. If the initial financing statement is filed before July 1, 2001, for the period provided in section 47-9515 with respect to an initial financing statement.

C. To be effective for purposes of subsection A of this section, an initial financing statement must:

1. Satisfy the requirements of article 5 of this chapter, as added in 1999, for an initial financing statement;

2. Identify the pre-effective 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

3. Indicate that the pre-effective date financing statement remains effective.