Prior to RA9, in South Carolina, the method of perfecting a security interest in farm equipment was to file a financing statement in the county office. RA9 now requires the filing at the state office. If no action is taken by the bank before July 1, 2002, on a previously filed financing statement in the county,perfection is lost. Is this correct, or am I reading it wrong?

If

(i) the filing occurred in the proper location under OA9,
(ii) the content of the financing statement is acceptable under RA9, but

(iii) the filing location changes under RA9,

then a financing statement (the new UCC-1) must be filed in the new location before the existing filing automatically lapses (ie. 5 yrs from date of original filing) or June 30, 2006 (whichever is earlier).