Section 10-109 - Effective period of statement which shall not have lapsed; transitional filing.
§ 10-109. Effective period of statement which shall not have lapsed; transitional filing.
(1) A financing statement or continuation statement filed prior to the effective date of this act, which shall not have lapsed prior to said effective date shall remain effective for the period provided in the original Code, but not less than that period of time for which the filing was effective pursuant to the original Code in effect upon the date of such prior filing.
(2) With respect to any financing statement filed prior to the effective date of this act, any continuation or other statement filed on and after the effective date of this act in relation to such original financing statement shall be filed (i.e., the "transitional filing") in accordance with this act and if this act requires filing in a place where the original financing statement was not filed, then a new financing statement conforming to § 10-110 or the original or photographic or photostatic copy of the original financing statement and a copy of any prior continuation or other statement shall all be filed in the place where filing is required by this act.
(3) Nothing in this act shall be deemed to invalidate any action otherwise complying with applicable law taken in good faith until the effective date of this act pursuant to Chapter 240 of the Acts of 1972; provided, however, that transitional filings made on and after January 1, 1981, but before 12:01 a.m. on July 1, 2001, shall be made pursuant to this act with regard to original filings made pursuant to § 9-401 as it existed prior to July 1, 1971 and as said section was amended effective July 1, 1971 by Chapter 457 of the Acts of 1971.
(4) The names and addresses of the debtor and secured party at the time transitional filings are made shall govern the date to be reflected upon statements filed under this act and shall govern place of filing and indexing in the filing records.
[1980, ch. 824; 1984, ch. 255; 1999, ch. 282, § 2; 2003, ch. 21, § 1.]