57A-9-806. When initial financing statement suffices to continue effectiveness of financing statement.

262 words·~1 min read·/sd/title-57/chapter-57-9/57a-9-806

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 § 57A-9-501 continues the effectiveness of a financing statement filed before July 1, 2013 if:

(1)The filing of an initial financing statement in that office would be effective to perfect a security interest under chapter 57A-9 as amended by SL 2012, ch 238;

(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)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 July 1, 2013, for the period provided in unamended § 57A-9-515 as found prior to July 1, 2013, with respect to an initial financing statement; and

(2)If the initial financing statement is filed after SL 2012, ch 238 takes effect, for the period provided in § 57A-9-515 as amended by SL 2012, ch 238 with respect to an initial financing statement.

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

(1)Satisfy the requirements of §§ 57A-9-501 to 57A-9-530 , inclusive, as amended by SL 2012, ch 238 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.