2007 Minnesota Statutes

336.9-515 DURATION AND EFFECTIVENESS OF FINANCING STATEMENT; EFFECT
OF LAPSED FINANCING STATEMENT.
(a) Five-year effectiveness. Except as otherwise provided in subsections (b), (e), (f), and (g),
a filed financing statement is effective for a period of five years after the date of filing.
(b) Public finance or manufactured home transaction. Except as otherwise provided
in subsections (e), (f), and (g), an initial financing statement filed in connection with a public
finance transaction or manufactured home transaction is effective for a period of 30 years after
the date of filing if it indicates that it is filed in connection with a public finance transaction
or manufactured home transaction.
(c) Lapse and continuation of financing statement. The effectiveness of a filed financing
statement lapses on the expiration of the period of its effectiveness unless before the lapse a
continuation statement is filed pursuant to subsection (d). Upon lapse, a financing statement
ceases to be effective and any security interest or agricultural lien that was perfected by the
financing statement becomes unperfected, unless the security interest is perfected otherwise. If the
security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have
been perfected as against a purchaser of the collateral for value.
(d) When continuation statement may be filed. A continuation statement may be filed only
within six months before the expiration of the five-year period specified in subsection (a) or the
30-year period specified in subsection (b), whichever is applicable.
(e) Effect of filing continuation statement. Except as otherwise provided in section
336.9-510, upon timely filing of a continuation statement, the effectiveness of the initial financing
statement continues for a period of five years commencing on the day on which the financing
statement would have become ineffective in the absence of the filing. Upon the expiration of the
five-year period, the financing statement lapses in the same manner as provided in subsection
(c), unless, before the lapse, another continuation statement is filed pursuant to subsection (d).
Succeeding continuation statements may be filed in the same manner to continue the effectiveness
of the initial financing statement.
(f) Transmitting utility financing statement. If a debtor is a transmitting utility and a
filed financing statement so indicates, the financing statement is effective until a termination
statement is filed.
(g) Record of mortgage as financing statement. A record of a mortgage that is effective as
a financing statement filed as a fixture filing under section 336.9-502(c) remains effective as a
financing statement filed as a fixture filing until the mortgage is released or satisfied of record or
its effectiveness otherwise terminates as to the real property.
History: 2000 c 399 art 1 s 86