400.9-706. When initial financing statement suffices to continue effectiveness of financing statement. - Missouri Statutes

When initial financing statement suffices to continue effectivenessof financing statement.

400.9-706. (a) The filing of an initial financing statement in theoffice specified in section 400.9-501 continues the effectiveness of afinancing statement filed before July 1, 2001, if:

(1) The filing of an initial financing statement in that office wouldbe effective to perfect a security interest under this act;

(2) The pre-effective-date financing statement was filed in an officein another state or another office in this 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, 2001,for the period provided in former section 400.9-403 with respect to afinancing statement; and

(2) If the initial financing statement is filed after July 1, 2001,for the period provided in section 400.9-515 with respect to an initialfinancing statement.

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

(1) Satisfy the requirements of Part 5 for an initial financingstatement;

(2) Identify the pre-effective-date financing statement by indicatingthe office in which the financing statement was filed and providing thedates of filing and file numbers, if any, of the financing statement and ofthe most recent continuation statement filed with respect to the financingstatement; and

(3) Indicate that the pre-effective-date financing statement remainseffective.

(L. 2001 S.B. 288)

Effective 7-01-01