§ 9—706. When initial financing statement suffices as continuation statement

(a) The filing of an initial financing statement in the office specified in section 9—501 of this title as in effect on and after July 1, 2001, continues the effectiveness of a financing statement filed before July 1, 2001 for the period provided in section 9—515 of this title as in effect on and after July 1, 2001, with respect to an initial financing statement if:

(1) the filing of an initial financing statement in that office would be effective to perfect a security interest under the provisions of this article as in effect on and after July 1, 2001;

(2) the preeffective-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) of this section.

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

(1) if the initial financing statement is filed before July 1, 2001, for the period provided in section 9—403 of this title as in effect prior to July 1, 2001, with respect to a financing statement; and

(2) if the financing statement is filed after July 1, 2001, for the period provided in section 9—515 of this title as in effect on and after July 1, 2001, with respect to an initial financing statement.

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

(1) satisfy the requirements of Part 5 of this article for an initial financing statement;

(2) identify the preeffective-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 preeffective-date financing statement remains effective. (Added 2001, No. 46, § 12.)