62A.9A-706 - When initial financing statement suffices to continue effectiveness of financing statement.

When initial financing statement suffices to continue effectiveness of financing statement.

(a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in RCW 62A.9A-501 continues the effectiveness of a financing statement filed before July 1, 2001, if:

     (1) The filing of an initial financing statement in that office would be effective to perfect a security interest under Article 62A.9A RCW;

     (2) The preeffective-date financing statement was filed in an office in another state or another office in this state; and

     (3) The initial financing statement satisfies subsection (c) of this section.

     (b) Period of continued effectiveness. The filing of an initial financing statement under subsection (a) of this section continues the effectiveness of the preeffective-date financing statement:

     (1) If the initial financing statement is filed before July 1, 2001, for the period provided in *RCW 62A.9-403 with respect to a financing statement; and

     (2) If the initial financing statement is filed after July 1, 2001, for the period provided in RCW 62A.9A-515 with respect to an initial financing statement.

     (c) Requirements for initial financing statement under subsection (a) of this section. To be effective for purposes of subsection (a) of this section, an initial financing statement must:

     (1) Satisfy the requirements of Part 5 for an initial financing statement;

     (2) Identify the preeffective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and

     (3) Indicate that the preeffective-date financing statement remains effective.

[2001 c 32 § 50; 2000 c 250 § 9A-706.]

Notes: *Reviser's note: RCW 62A.9-403 was repealed by 2000 c 250 § 9A-901, effective July 1, 2001.

Effective date -- 2001 c 32: See note following RCW 62A.9A-102.