8.11-106 - Required refilings.
§ 8.11-106. Required refilings.
(1) If a security interest is perfected or has priority when this act takeseffect as to all persons or as to certain persons without any filing orrecording, and if the filing of a financing statement would be required forthe perfection or priority of the security interest against those personsunder this act, the perfection and priority rights of the security interestcontinue until three years after the effective date of this act. Theperfection will then lapse until a financing statement is filed as providedin subsection (4) or unless the security interest is perfected otherwise thanby filing.
(2) If a security interest is perfected when this act takes effect under alaw other than Title 8.9A which requires no further filing, refiling orrecording to continue its perfection, perfection continues until and willlapse three years after this act takes effect, unless a financing statementis filed as provided in subsection (4) or unless the security interest isperfected otherwise than by filing, or unless under subsection (3) of §8.9-302 the other law continues to govern filing.
(3) If a security interest is perfected by a filing, refiling or recordingunder a law repealed by this act which required further filing, refiling orrecording to continue its perfection, perfection continues and will lapse onthe date provided by the law so repealed for such further filing, refiling orrecording unless a financing statement is filed as provided in subsection (4)or unless the security interest is perfected otherwise than by filing.
(4) A financing statement may be filed within six months before theperfection of a security interest would otherwise lapse. Any such financingstatement may be signed by either the debtor or the secured party. It mustidentify the security agreement, statement or notice (however denominated inany statute or other law repealed or modified by this act), state the officewhere and the date when the last filing, refiling or recording, if any, wasmade with respect thereto, and the filing number, if any, or book and page,if any, of recording and further state that the security agreement, statementor notice, however denominated, in another filing office under Title 8.9 orunder any statute or other law repealed or modified by this act is stilleffective. Section 8.9-401 and § 8.9-103 determine the proper place to filesuch a financing statement. Except as specified in this subsection, theprovisions of § 8.9-403 (3) for continuation statements apply to such afinancing statement.
(1973, c. 509.)