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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 9A : Uniform Commercial Code

Article 009 : SECURED TRANSACTIONS

(Cite as: 9A V.S.A. § 9-806)
  • § 9-806. When an initial financing statement suffices to continue effectiveness of a financing statement

    (a) The filing of an initial financing statement in the office specified in section 9- 501 of this title continues the effectiveness of a financing statement filed before the Act takes effect if:

    (1) the filing of an initial financing statement in that office would be effective to perfect a security interest under Article 9 of this title, as amended by the 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) of this section.

    (b) The filing of an initial financing statement under subsection (a) of this section continues the effectiveness of the pre-effective-date financing statement:

    (1) if the initial financing statement is filed before the Act takes effect, for the period provided in section 9- 515 of this title, as it existed before the Act took effect, with respect to an initial financing statement; and

    (2) if the initial financing statement is filed after the Act takes effect, for the period provided in section 9- 515 of this title, as amended by the Act, with respect to an initial financing statement.

    (c) To be effective for purposes of subsection (a) of this section, an initial financing statement shall:

    (1) satisfy the requirements of Article 9, Part 5 of this title, as amended by the 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 provide 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. (Added 2013, No. 157 (Adj. Sess.), § 1.)