§ 70A-9a-805. When initial financing statement suffices to continue effectiveness of financing statement.

(1) The filing of an initial financing statement in the office specified in Section 70A-9a-501 continues the effectiveness of a financing statement filed before Laws of Utah 2013, Chapter 225 takes effect if:

(a) the filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter as amended by Laws of Utah 2013, Chapter 225;

(b) the pre-effective-date financing statement was filed in an office in another state; and

(c) the initial financing statement satisfies Subsection (3).

(2) The filing of an initial financing statement under Subsection (1) continues the effectiveness of the pre-effective-date financing statement:

(a) if the initial financing statement is filed before Laws of Utah 2013, Chapter 225 takes effect, for the period provided in unamended Section 70A-9a-515 with respect to an initial financing statement; and

(b) if the initial financing statement is filed after Laws of Utah 2013, Chapter 225 takes effect, for the period provided in Section 70A-9a-515 as amended by Laws of Utah 2013, Chapter 225 with respect to an initial financing statement.

(3) To be effective for purposes of Subsection (1), an initial financing statement must:

(a) satisfy the requirements of Part 5, Filing, as amended by Laws of Utah 2013, Chapter 225 for an initial financing statement;

(b) 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

(c) indicate that the pre-effective-date financing statement remains effective.

Revisor instructions Chapter 225, 2013 General Session

Enacted by Chapter 225, 2013 General Session