70A-11-105 - Transition provision on change of place of filing.
70A-11-105. Transition provision on change of place of filing.
(1) A financing statement or continuation statement filed prior to July 1, 1977 whichshall not have lapsed prior to July 1, 1977 shall remain effective for the period provided in theold Uniform Commercial Code, but not less than five years after the filing.
(2) With respect to any collateral acquired by the debtor subsequent to the effective dateof the corrected Uniform Commercial Code, any effective financing statement or continuationstatement described in this section shall apply only if the filing or filings are in the office oroffices that would be appropriate to perfect the security interests in the new collateral under thecorrected Uniform Commercial Code.
(3) The effectiveness of any financing statement or continuation statement filed prior toJuly 1, 1977 may be continued by a continuation statement as permitted by the corrected UniformCommercial Code, except that if the corrected Uniform Commercial Code requires a filing in anoffice where there was no previous financing statement, a new financing statement conforming toSection 70A-11-106 shall be filed in that office.
(4) If the record of a mortgage of real estate would have been effective as a fixture filingof goods described therein if the corrected Uniform Commercial Code had been in effect on thedate of recording the mortgage, the mortgage shall be deemed effective as a fixture filing as tosuch goods under Section 70A-9a-502 of the corrected Uniform Commercial Code on theeffective date of the corrected Uniform Commercial Code.
Amended by Chapter 131, 2003 General Session