Section 45.29.515. Duration and effectiveness of financing statement; effect of lapsed financing statement.

   (a) Except as otherwise provided in (b) and (e) - (g) of this section, a filed financing statement is effective for a period of five years after the date of filing.
   (b) Except as otherwise provided in (e) - (g) of this section, an initial financing statement filed in connection with a 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 manufactured home transaction.
   (c) 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 under (d) of this section. Upon lapse, a financing statement ceases to be effective and a 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 considered never to have been perfected as against a purchaser of the collateral for value.
   (d) A continuation statement may be filed only within six months before the expiration of the five-year period specified in (a) of this section or the 30-year period specified in (b) of this section, whichever is applicable.
   (e) Except as otherwise provided in AS 45.29.510, 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 (c) of this section unless, before the lapse, another continuation statement is filed under (d) of this section. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.
   (f) If a debtor is a transmitting utility and a filed financing statement so indicates, the initial financing statement is effective until a termination statement is filed.
   (g) A mortgage that is effective as a financing statement filed as a fixture filing under AS 45.29.502(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.

Authorities

45.29.315;45.29.510;45.29.512;45.29.516;45.29.519;45.29.522;45.29.523;45.29.706;45.29.806

Notes

Implemented As

11 AAC 06.062

References

AS 45.29.315 Secured party's rights on disposition of collateral and in proceeds.
AS 45.29.510 Effectiveness of filed record.
AS 45.29.512 Amendment of financing statement.
AS 45.29.516 What constitutes filing; effectiveness of filing.
AS 45.29.519 Numbering, maintaining, and indexing records; communicating information provided in records.
AS 45.29.522 Maintenance and destruction of records.
AS 45.29.523 Information from filing office; sale or license of records.
AS 45.29.706 When initial financing statement suffices to continue effectiveness of financing statement.
AS 45.29.806 When initial financing statement suffices to continue effectiveness of financing statement.

History

(Sec. 1 ch 113 SLA 2000; am Sec. 21 ch 64 SLA 2013)