400.9-515. Duration and effectiveness of financing statement--effect of lapsed financing statement. - Missouri Statutes

Duration and effectiveness of financing statement--effect of lapsedfinancing statement.

400.9-515. (a) Except as otherwise provided in subsections (b), (e),(f), and (g), a filed financing statement is effective for a period of fiveyears after the date of filing.

(b) Except as otherwise provided in subsections (e), (f), and (g), aninitial financing statement filed in connection with a manufactured-hometransaction is effective for a period of thirty years after the date of filingif it indicates that it is filed in connection with a manufactured-hometransaction.

(c) The effectiveness of a filed financing statement lapses on theexpiration of the period of its effectiveness unless before the lapse acontinuation statement is filed pursuant to subsection (d). Upon lapse, afinancing statement ceases to be effective and any security interest oragricultural lien that was perfected by the financing statement becomesunperfected, unless the security interest is perfected otherwise. If thesecurity interest or agricultural lien becomes unperfected upon lapse, it isdeemed never to have been perfected as against a purchaser of the collateralfor value.

(d) A continuation statement may be filed only within six months beforethe expiration of the five-year period specified in subsection (a) or thethirty-year period specified in subsection (b), whichever is applicable.

(e) Except as otherwise provided in section 400.9-510, upon timelyfiling of a continuation statement, the effectiveness of the initial financingstatement continues for a period of five years commencing on the day on whichthe financing statement would have become ineffective in the absence of thefiling. Upon the expiration of the five-year period, the financing statementlapses in the same manner as provided in subsection (c), unless, before thelapse, another continuation statement is filed pursuant to subsection (d).Succeeding continuation statements may be filed in the same manner to continuethe effectiveness of the initial financing statement.

(f) If a debtor is a transmitting utility and a filed financingstatement so indicates, the financing statement is effective until atermination statement is filed.

(g) A record of a mortgage that is effective as a financing statementfiled as a fixture filing under section 400.9-502(c) remains effective as afinancing statement filed as a fixture filing until the mortgage is releasedor satisfied of record or its effectiveness otherwise terminates as to thereal property.

(L. 2001 S.B. 288)

Effective 7-01-01