(a)Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in § 47-9-501 continues the effectiveness of a financing statement filed before this act takes effect if:

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Terms Used In Tennessee Code 47-9-806

  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) The filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter as amended by this act;
(2) The pre-effective-date financing statement was filed in an office in another 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 this act takes effect, for the period provided in unamended § 47-9-515 with respect to an initial financing statement; and
(2) If the initial financing statement is filed after this act takes effect, for the period provided in § 47-9-515 as amended by this act 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 of this chapter as amended by this act 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.
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