[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   recording under a law repealed by this act which required further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   continues and will lapse on the date provided by the law so repealed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   however denominated in any statute or other law repealed or modified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]