Section 10-110 - Continuation of perfected security interest.
§ 10-110. Continuation of perfected security interest.
(1) If a security interest is perfected or has priority when this act takes effect as to all persons or as to certain persons without any filing or recording, and if the filing of a financing statement would be required for the perfection or priority of the security interest against those persons under this act, the perfection and priority rights of the security interest continue until 3 years after the effective date of this act. The perfection will then lapse unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected in accordance with the provisions of this act otherwise than by filing.
(2) If a security interest is perfected when this act takes effect under a law other than this act which requires no further filing, refiling or recording to continue its perfection, perfection continues until and will lapse 3 years after this act takes effect, unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected otherwise than by filing, or unless under subsection (3) of § 9-302 of the prior Code the other law continues to govern filing.
(3) If a security interest is perfected by a filing, refiling or recording under a law repealed by this act which required further filing, refiling or recording to continue its perfection, perfection continues and will lapse on the date provided by the law so repealed for such further filing, refiling or recording unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected in accordance with the provisions of this act otherwise than by filing.
(4) Under the prior Code, a financing statement may be filed within 6 months before the perfection of a security interest would otherwise lapse. Any such financing statement is sufficient if signed by either the debtor or the secured party. It must identify the security agreement, statement or notice (however denominated in any statute or other law repealed or modified by this act), state the office where and the date when the last filing, refiling or recording, if any, was made with respect thereto, and the filing number, if any, or book and page, if any, of recording and further state that the security agreement, statement or notice, however denominated, in another filing office under the original Code or under any statute or other law repealed or modified by this act is still effective. Section 9-401 and § 9-103 of the prior Code determine the proper place to file such a financing statement. Except as specified in this subsection, the provisions of § 9-403 (3) of the prior Code for continuation statements apply to such a financing statement.
[1980, ch. 824; 1999, ch. 282, § 2.]