[Previous] [Next]
§12A-11-105.
§12A-11-105.
Required Refilings. - (1) If a security interest is perfected or has
priority when this act takes effect as to all persons or as to certain
persons without any filing or recording, and if the filing of a
financing statement would be required for the perfection or priority
of the security interest against those persons under this act, the
perfection and priority rights of the security interest continue until
three (3) years after the effective date of this act. The perfection
will then lapse unless a financing statement is filed as provided in
subsection (4) of this section or unless the security interest is
perfected otherwise than by filing.
(2) If a security interest is perfected when this act takes effect
under a law other than the U.C.C. prior to this act which requires no
further filing, refiling or recording to continue its perfection,
perfection continues until and will lapse three (3) years after this
act takes effect, unless a financing statement is filed as provided in
subsection (4) of this section or unless the security interest is
perfected otherwise than by filing, or unless under subsection (3) of
Section 9-302, the other law continues to govern filing.
(3) If a security interest is perfected by a filing, refiling or
recording under a law repealed by this act which required further
filing, refiling or recording to continue its perfection, perfection
continues and will lapse on the date provided by the law so repealed
for such further filing, refiling or recording unless a financing
statement is filed as provided in subsection (4) of this section or
unless the security interest is perfected otherwise than by filing.
(4) A financing statement may be filed within six (6) months before
the perfection of a security interest would otherwise lapse. Any such
financing statement may be signed by either the debtor or the secured
party. It must identify the security agreement, statement or notice,
however denominated in any statute or other law repealed or modified
by this act, state the office where and the date when the last filing,
refiling or recording, if any, was made with respect thereto, and the
filing number, if any, or book and page, if any, of recording and
further state that the security agreement, statement or notice,
however denominated in another filing office under the U.C.C. prior to
this act, or under any statute or other law repealed or modified by
this act is still effective. Section 9-401 and Section 7 of this act
determine the proper place to file such a financing statement. Except
as specified in this subsection, the provisions of Section 9-403(3)
for continuation statements apply to such a financing statement.
[Previous] [Next]