70A-9a-706 - When initial financing statement suffices to continue effectiveness of financing statement. - Utah Statutes

70A-9a-706. When initial financing statement suffices to continue effectiveness offinancing statement.
(1) The filing of an initial financing statement in the office specified in Section70A-9a-501 continues the effectiveness of a financing statement filed before this act takes effectif:
(a) the filing of an initial financing statement in that office would be effective to perfect asecurity interest under this act;
(b) the pre-effective-date financing statement was filed in an office in another state oranother office in this state; and
(c) the initial financing statement satisfies Subsection (3).
(2) The filing of an initial financing statement under Subsection (1) continues theeffectiveness of the pre-effective-date financing statement:
(a) if the initial financing statement is filed before this act takes effect, for the periodprovided in former Section 70A-9-403 with respect to a financing statement; and
(b) if the initial financing statement is filed after this act takes effect, for the periodprovided in Section 70A-9a-515 with respect to an initial financing statement.
(3) To be effective for purposes of Subsection (1), an initial financing statement must:
(a) satisfy the requirements of Part 5 for an initial financing statement;
(b) identify the pre-effective-date financing statement by indicating the office in which thefinancing statement was filed and providing the dates of filing and file numbers, if any, of thefinancing statement and of the most recent continuation statement filed with respect to thefinancing statement; and
(c) indicate that the pre-effective-date financing statement remains effective.

Enacted by Chapter 252, 2000 General Session