Section 45.29.706. When initial financing statement suffices to continue effectiveness of financing statement.

   (a) The filing of an initial financing statement in the office specified in AS 45.29.501 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 this chapter;
        (2) the pre-effective date financing statement was filed in an office in another state or another office in this state; and
        (3) the initial financing statement satisfies (b) of this section.
   (b) The filing of an initial financing statement under (a) of this section continues the effectiveness of the pre-effective date financing statement if the initial financing statement is filed
        (1) before July 1, 2001, for the period provided in former AS 45.09.403 with respect to a financing statement; and
        (2) on or after July 1, 2001, for the period provided in AS 45.29.515 with respect to an initial financing statement.
   (c) To be effective for purposes of (a) of this section, an initial financing statement must
        (1) satisfy the requirements of AS 45.29.501 - 45.29.524 for an initial financing statement;
        (2) identify the pre-effective 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 pre-effective date financing statement remains effective.

Authorities

45.29.705;45.29.707

Notes

Implemented As

11 AAC 06.063

References

AS 45.29.705 Effectiveness of action taken before effective date.
AS 45.29.707 Amendment of pre-effective date financing statement.

History

(Sec. 1 ch 113 SLA 2000)