§ 6A-9-706 - When initial financing statement suffices to continue effectiveness of financing statement. - Rhode Island Statutes

SECTION 6A-9-706

   § 6A-9-706  When initial financingstatement suffices to continue effectiveness of financing statement. – (a) Initial financing statement in lieu of continuation statement. Thefiling of an initial financing statement in the office specified in §6A-9-501 continues the effectiveness of a financing statement filed before thischapter takes effect if:

   (1) The filing of an initial financing statement in thatoffice would be effective to perfect a security interest under this chapter;

   (2) The pre-effective-date financing statement was filed inan office in another State or another office in this State; and

   (3) The initial financing statement satisfies subsection (c).

   (b) Period of continued effectiveness. The filing ofan initial financing statement under subsection (a) continues the effectivenessof the pre-effective-date financing statement:

   (1) If the initial financing statement is filed before thischapter takes effect, for the period provided in former § 6A-9-403 withrespect to a financing statement; and

   (2) If the initial financing statement is filed after thischapter takes effect, for the period provided in § 6A-9-515 with respectto an initial financing statement.

   (c) Requirements for initial financing statement undersubsection (a). To be effective for purposes of subsection (a), an initialfinancing statement must:

   (1) Satisfy the requirements of part 5 for an initialfinancing statement;

   (2) Identify the pre-effective-date financing statement byindicating the office in which the financing statement was filed and providingthe dates 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 statementremains effective.