9515 - Duration and effectiveness of financing statement; effect of lapsed financing statement.

     § 9515.  Duration and effectiveness of financing statement;                effect of lapsed financing statement.        (a)  Five-year effectiveness.--Except as otherwise provided     in subsections (b), (e), (f) and (g), a filed financing     statement is effective for a period of five years after the date     of filing.        (b)  Public-finance or manufactured-home transaction.--Except     as otherwise provided in subsections (e), (f) and (g), an     initial financing statement filed in connection with a public-     finance transaction or manufactured-home transaction is     effective for a period of 30 years after the date of filing if     it indicates that it is filed in connection with a public-     finance transaction or manufactured-home transaction.        (c)  Lapse and continuation of financing statement.--The     effectiveness of a filed financing statement lapses on the     expiration of the period of its effectiveness unless before the     lapse a continuation statement is filed pursuant to subsection     (d). Upon lapse, a financing statement ceases to be effective     and any security interest or agricultural lien which was     perfected by the financing statement becomes unperfected unless     the security interest is perfected otherwise. If the security     interest or agricultural lien becomes unperfected upon lapse, it     is deemed never to have been perfected as against a purchaser of     the collateral for value.        (d)  When continuation statement may be filed.--A     continuation statement may be filed only within six months     before the expiration of the five-year period specified in     subsection (a) or the 30-year period specified in subsection     (b), whichever is applicable.        (e)  Effect of filing continuation statement.--Except as     otherwise provided in section 9510 (relating to effectiveness of     filed record), upon timely filing of a continuation statement,     the effectiveness of the initial financing statement continues     for a period of five years commencing on the day on which the     financing statement would have become ineffective in the absence     of the filing. Upon the expiration of the five-year period, the     financing statement lapses in the same manner as provided in     subsection (c) unless, before the lapse, another continuation     statement is filed pursuant to subsection (d). Succeeding     continuation statements may be filed in the same manner to     continue the effectiveness of the initial financing statement.        (f)  Transmitting utility financing statement.--If a debtor     is a transmitting utility and a filed financing statement so     indicates, the financing statement is effective until a     termination statement is filed.        (g)  Record of mortgage as financing statement.--A record of     a mortgage which is effective as a financing statement filed as     a fixture filing under section 9502(c) (relating to record of     mortgage as financing statement) remains effective as a     financing statement filed as a fixture filing until the mortgage     is released or satisfied of record or its effectiveness     otherwise terminates as to the real property.        Cross References.  Section 9515 is referred to in sections     9315, 9510, 9512, 9516, 9519, 9522, 9523, 9706 of this title.