{"data":{"id":"us-ky/krs-355.9-515","jurisdiction":"us-ky","citation":"KRS 355.9-515","heading":"Duration and effectiveness of financing statement -- Effect of lapsed","body":"financing statement.\n(1) Except as otherwise provided in subsections (2), (5), (6), and (7) of this section, a\nfiled financing statement is effective for a period of five (5) ye ars after the date of\nfiling.\n(2) Except as otherwise provided in subsections (5), (6), and (7) of this section, an\ninitial financing statement filed in connection with a public -finance transaction or\nmanufactured-home transaction is effective for a period of thirty (30) years after the\ndate of filing if it indicates that it is filed in connection with a public -finance\ntransaction or manufactured-home transaction.\n(3) The effectiveness of a filed financing statement lapses on the expiration of the\nperiod of its effectiveness unless before the lapse a continuation statement is filed\npursuant to subsection (4) of this section. Upon lapse, a financing statement ceases\nto be effective and any security interest or agricultural lien that was perfected by the\nfinancing statement becomes unperfected, unless the security interest is perfected\notherwise. If the security interest or agricultural lien becomes unperfected upon\nlapse, it is deemed never to have been perfected as against a purchaser of the\ncollateral for value.\n(4) A continuation statement may be filed only within six (6) months before the\nexpiration of the five (5) year period specified in subsection (1) of this section or the\nthirty (30) year period specified in subsection (2) of this section, whichever is\napplicable.\n(5) Except as otherwise provided in KRS 355.9 -510, upon timely filing of a\ncontinuation statement, the effectiveness of the initial financing statement continues\nfor a period of five (5) years commencing on the day on which the financing\nstatement would have become ineffective in the absence of the filing. Upon the\nexpiration of the five (5) year period, the financing statement lapses in the same\nmanner as provided in subsection (3) of this section, unless, before the lapse,\nanother continuatio n statement is filed pursuant to subsection (4) of this section.\nSucceeding continuation statements may be filed in the same manner to continue\nthe effectiveness of the initial financing statement.\n(6) If a debtor is a transmitting utility and a filed init ial financing statement so\nindicates, the financing statement is effective until a termination statement is filed.\n(7) A record of a mortgage that is effective as a financing statement filed as a fixture\nfiling under KRS 355.9 -502(3) remains effective as a financing statement filed as a\nfixture filing until the mortgage is released or satisfied of record or its effectiveness\notherwise terminates as to the real property.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40684","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:48Z","sha256":"4f309fe773d2b2447b2bc2078866a15de6b556164e03ebcdb4030d0cd69ad505","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.9-514","next":"us-ky/krs-355.9-516"},"notice":"GroundRules: Original legal text. Not legal advice."}