New York Uniform Commercial Code Law Section 9-706 - When Initial Financing Statement Sufficies to Continue Effectiveness of Financing Statement

Section 9--706. When  Initial  Financing  Statement Suffices to Continue

                Effectiveness of Financing Statement.

(a) Initial financing statement in lieu of continuation statement. The
  filing of an initial financing statement  in  the  office  specified  in
  Section  9--501  continues  the  effectiveness  of a financing statement
  filed before Revised Article 9 takes effect if:

     (1) the filing of an initial financing statement in  that  office

         would  be  effective  to  perfect  a  security interest under

         Revised Article 9;

     (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 subsection (c).

(b) Period  of  continued  effectiveness.  The  filing  of  an initial
  financing statement under subsection (a) continues the effectiveness  of
  the pre-effective-date financing statement:

     (1) if  the  initial  financing statement is filed before Revised

         Article 9 takes effect, for the  period  provided  in  Former

         Section 9--403 with respect to a financing statement; and

     (2) if  the  initial  financing  statement is filed after Revised

         Article 9 takes effect, for the period  provided  in  Section

         9--515 with respect to an initial financing statement.

(c) Requirements for initial financing statement under subsection (a).
  To  be  effective  for  purposes of subsection (a), an initial financing
  statement must:

     (1) satisfy the requirements of Part 5 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.

Last modified: February 3, 2019