§ 9806. When initial financing statement suffices to continue effectiveness of financing statement.

325 words·~1 min read·/pa/title-13/chapter-98/9806

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(a)Initial financing statement in lieu of continuation statement.-- The filing of an initial financing statement in the office specified in section 9501 (relating to filing office) continues the effectiveness of a financing statement filed before the 2013 Revision takes effect if:

(1)the filing of an initial financing statement in that office would be effective to perfect a security interest under this division as amended by the 2013 Revision;

(2)the pre-effective-date financing statement was filed in an office in another state; and

(3)the initial financing statement satisfies subsection (c).

(b)Period of continued effectiveness.-- The filing of an initial financing statement under subsection

(a)continues the effectiveness of the pre-effective-date financing statement:

(1)if the initial financing statement is filed before the 2013 Revision takes effect, for the period provided in section 9515(a), (b), (c), (d),

(e)and

(g)(relating to duration and effectiveness of financing statement; effect of lapsed financing statement) with respect to an initial financing statement; and

(2)if the initial financing statement is filed after the 2013 Revision takes effect, for the period provided in section 9515(f) as amended by the 2013 Revision with respect to an initial financing statement.

(c)Requirements for initial financing statement under subsection (a).-- To be effective for purposes of subsection (a), an initial financing statement must:

(1)satisfy the requirements of Chapter 95 (relating to filing) as amended by the 2013 Revision 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.

13c9806v

Cross References. Section 9806 is referred to in sections 9805, 9807 of this title.

13c9807s