N.Y. Uniform Commercial Code Law § 9-515: Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement

Section 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), (g), and (h), a filed financing statement is

effective for a period of five years after the date of filing.

(b) Public-financed or manufactured-home transaction. Except as

otherwise provided in subsections (e), (f), (g), and (h), an initial

financing statement filed in connection with a public-financed

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-financed 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 thirty-year period

specified in subsection (b) or the fifty-year period specified in

subsection (h), whichever is applicable.

(e) Effect of filing continuation statement. Except as otherwise

provided in Section 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 initial 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 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.

(h) Cooperative interest transaction. An initial financing statement

covering a cooperative interest is effective for a period of 50 years

after the date of the filing of the initial financing statement if a

cooperative addendum is filed simultaneously with the initial financing

statement or is filed before the financing statement lapses.