SECTIONS 13101-13105 - California Statutes

COMMERCIAL CODE

SECTION 13101-13105

13101. This code shall become effective on January 1, 1965. It
applies to transactions entered into and events occurring after that
date.

13102. Transactions validly entered into before January 1, 1965,
and the rights, duties, and interests flowing from them remain valid
thereafter and may be terminated, completed, consummated, or enforced
as required or permitted by any statute or other law amended or
repealed by this act as though such repeal or amendment had not
occurred; provided, however, that the perfection of a security
interest (other than a security interest (i) in a motor vehicle or
vessel required to be registered under the Vehicle Code unless such
vehicle or vessel is inventory or (ii) in personal property,
including fixtures, which constitutes a portion of the properties
included in an agreement which is a mortgage or deed of trust of both
real and personal property made to secure the payment of bonds or
other evidences of indebtedness authorized or permitted to be issued
by the Commissioner of Corporations, or made by a public utility as
defined in the Public Utilities Code), as defined in this code
(Section 1201), and however denominated in any law repealed by this
act,
(a) Which was perfected on or before January 1, 1965, by a filing
or recording under a law repealed by this act and requiring a
further filing or recording to continue its perfection, continues
until and will lapse on the date provided by the law so repealed for
such further filing or recording.
(b) Which was perfected on or before January 1, 1965, by a filing
or recording under a law repealed by this act and requiring no
further filing or recording to continue its perfection, continues
until and will lapse 12 months after January 1, 1965.
(c) Which was perfected on or before January 1, 1965, without any
filing or recording, but with respect to which a financing statement
is required to be filed in order for it to be perfected under this
code, continues until and will lapse 12 months after January 1, 1965;
unless, in each case, a continuation statement is filed by the
secured party within 12 months before the perfection of the security
interest would otherwise lapse. Any such continuation statement must
be signed by the secured party, identify the original security
agreement, however denominated, state the office where and the date
when last filed or refiled, or recorded or rerecorded, and the filing
number or recordation data and further state that the original
security agreement is still effective. Subdivision (1) of Section
9501 determines the proper place to file such a continuation
statement. Except as herein specified the provisions of Sections 9515
and 9522 apply to such a continuation statement.

13103. Except as provided in the following section, all acts and
parts of acts inconsistent with this act are hereby repealed.

13105. (1) A financing statement or a continuation thereof,
properly filed and effective pursuant to Section 9401 as it existed
prior to January 1, 1971, remains valid and effective after January
1, 1971, until expiration of the usual five-year period from date of
filing. Any termination, release, assignment, or amendment of the
financing statement prior to expiration of the five-year period of
effectiveness shall be filed, as previously required, with the county
recorder who has filed the financing statement.
(2) After January 1, 1971, any continuation of a financing
statement which had been properly filed with a county recorder prior
to January 1, 1971, and which now would be required to be filed with
the Secretary of State, shall be filed with the Secretary of State in
accordance with Sections 9515 and 9516. The continuation statement
shall be accompanied by a certified copy of the entire record of the
county recorder related to the financing statement. After filing of
the continuation statement with the Secretary of State, any
termination, release, assignment, amendment, or continuation of the
financing statement shall also be filed with the Secretary of State
and any documents affecting the financing statement that are not
filed with the Secretary of State shall not be effective.