Answer:
A UCC-1 that was filed prior to July 1,2001 in the proper filing office under Old Article 9 will be effective for five years.
If the original filing office is the proper filing office under revised Article 9, the original filing can be continued by filing a National UCC Financing Statement Amendment (Form UCC-3). The UCC-3 must be filed prior to the expiration of the original but not earlier than six months prior to the expiration.
If the original filing office is not the proper filing office under Revised Article 9, an "in lieu" initial financing statement must be filed in the new filing office prior to the expiration of the original filing. A National UCC Financing Statement (Form UCC-1) is used to make an "in lieu" filing and must reference the date, file number and location of the original filing office.
An "in lieu" filing can be in the new filing office at any time prior to the expiration of the original filing. The filing party does not need to wait for the "six month window" prior to the expiration of the original filing.
NOTE, the filing of an "in lieu" financing statement starts the five year term over again regardless of when the original filing was made. An "in lieu" financing statement may be continued by filing a UCC-3 within the last six months of the five year term.
All central filing offices must accept the National UCC forms but can also accept other forms if they so desire. Check with the filing office to determine if additional forms can be used.
First published on BankersOnline.com 12/3/01
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