§ 25-11-106. Required refilings. - North Carolina Statutes

§25‑11‑106.  Required refilings.

(1)        If a securityinterest is perfected or has priority when this act takes effect as to allpersons or as to certain persons without any filing or recording, and if thefiling of a financing statement would be required for the perfection orpriority of the security interest against those persons under new article 9,the perfection and priority rights of the security interest continue untilthree years after July 1, 1976. The perfection will then lapse unless afinancing statement is filed as provided in subsection (4) or unless thesecurity interest is perfected otherwise than by filing.

(2)        If a securityinterest is perfected when new article 9 takes effect under a law other thanchapter 25 of the General Statutes, Uniform Commercial Code, which requires nofurther filing, refiling or recording to continue its perfection, perfectioncontinues until and will lapse three years after new article 9 takes effect,unless a financing statement is filed as provided in subsection (4) or unlessthe security interest is perfected otherwise than by filing, or unless undersubsection (3) of G.S. 25‑9‑302 the other law continues to governfiling.

(3)        If a securityinterest is perfected by a filing, refiling or recording under a law repealedby this act which required further filing, refiling or recording to continueits perfection, perfection continues and will lapse on the date provided by thelaw so repealed for such further filing, refiling or recording unless afinancing statement is filed as provided in subsection (4) or unless thesecurity interest is perfected otherwise than by filing.

(4)        A financingstatement may be filed within six months before the perfection of a securityinterest which would otherwise lapse. Any such financing statement may besigned by either the debtor or the secured party. It must identify the securityagreement, statement or notice (however denominated in any statute or other lawrepealed or modified by this act), state the office where and the date when thelast filing, refiling or recording, if any, was made with respect thereto, andthe filing number, if any, or book and page, if any, of recording and furtherstate that the security agreement, statement or  notice, however denominated,in another filing office under chapter 25, Uniform Commercial Code, or underany statute or other law repealed or modified by this act is still effective.G.S. 25‑9‑401 and 25‑9‑103 determine the proper placeto file such a financing statement. Except as specified in this subsection, theprovisions of G.S. 25‑9‑403(3) for continuation statements apply tosuch a financing statement. (1975, c. 862, s. 8.)