1997 Minnesota Statutes

     336.11-106 Required refilings. 

    (1) If a security interest is perfected or has priority 
 when Laws 1976, Chapter 135 takes effect as to all persons or as 
 to certain persons without any filing or recording, and if the 
 filing of a financing statement would be required for the 
 perfection or priority of the security interest against those 
 persons under chapter 336, as amended by Laws 1976, Chapter 135, 
 the perfection and priority rights of the security interest 
 continue until January 1, 1979.  The perfection will then lapse 
 unless a financing statement is filed as provided in subsection 
 (4) or unless the security interest is perfected otherwise than 
 by filing. 

    (2) If a security interest is perfected when chapter 336, 
 as amended by Laws 1976, Chapter 135 takes effect under a law 
 other than chapter 336 which requires no further filing, 
 refiling or recording to continue its perfection, perfection 
 continues until and will lapse January 1, 1980, unless a 
 financing statement is filed as provided in subsection (4) or 
 unless the security interest is perfected otherwise than by 
 filing, or unless under subsection (3) of section 336.9-302 the 
 other law continues to govern filing. 

    (3) If a security interest is perfected by a filing, 
 refiling or recording under a law repealed by Laws 1976, Chapter 
 135 which required further filing, refiling or recording to 
 continue its perfection, perfection continues and will lapse on 
 the date provided by the law so repealed for such further 
 filing, refiling or recording unless a financing statement is 
 filed as provided in subsection (4) or unless the security 
 interest is perfected otherwise than by filing. 

    (4) A financing statement may be filed within six months 
 before the perfection of a security interest would otherwise 
 lapse.  Any such financing statement may be signed by either the 
 debtor or the secured party.  It must identify the security 
 agreement, statement or notice (however denominated in any 
 statute or other law repealed or modified by Laws 1976, Chapter 
 135), state the office where and the date when the last filing, 
 refiling or recording, if any, was made with respect thereto, 
 and the filing number, if any, or book and page, if any, of 
 recording and further state that the security agreement, 
 statement or notice, however denominated, in another filing 
 office under chapter 336 or under any statute or other law 
 repealed or modified by Laws 1976, Chapter 135 is still 
 effective.  Section 336.9-401 and section 336.9-103 determine 
 the proper place to file such a financing statement.  Except as 
 specified in this subsection, the provisions of section 
 336.9-403(3) for continuation statements apply to such a 
 financing statement. 

    HIST: 1976 c 135 s 37