2006 New York Code - Duration And Effectiveness Of Financing Statement; Effect Of Lapsed Financing Statement

 
  Section 9--515. Duration   and  Effectiveness  of  Financing  Statement;
                    Effect of Lapsed Financing Statement.
    (a) Five-year  effectiveness.  Except   as   otherwise   provided   in
  subsections  (b), (e), (f), (g), and (h), a filed financing statement is
  effective for a period of five years after the date of filing.
    (b) Public-financed  or  manufactured-home  transaction.   Except   as
  otherwise  provided  in  subsections  (e), (f), (g), and (h), an initial
  financing  statement  filed  in  connection   with   a   public-financed
  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-financed  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
  that  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  thirty-year  period
  specified  in  subsection  (b) or  the  fifty-year  period  specified in
  subsection (h), whichever is applicable.
    (e) Effect of  filing  continuation  statement.  Except  as  otherwise
  provided  in  Section  9--510,  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
  that  is  effective  as  a financing statement filed as a fixture filing
  under Section 9--502(c) 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.
    (h) Cooperative interest transaction. An initial  financing  statement
  covering  a  cooperative  interest is effective for a period of 50 years
  after the date of the filing of the initial  financing  statement  if  a
  cooperative  addendum is filed simultaneously with the initial financing
  statement or is filed before the financing statement lapses.