(1) If a security interest is perfected or has priority on January 1, 1989, as to all persons or as to certain persons without any filing or recording, and if the filing of a financing statement would be required for the perfection or priority of the security interest against those persons after January 1, 1989, the perfection and priority rights of the security interest continue until January 1, 1992. The perfection will then lapse unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected otherwise than by filing.

(2) If a security interest is perfected when this section takes effect under a law other than this chapter which requires no further filing, refiling or recording to continue its perfection, perfection continues until and will lapse January 1, 1992, unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected otherwise than by filing, or unless under subsection (3) of section 400.9-302 the other law continues to govern filing.

(3) If a security interest is perfected by a filing, refiling or recording under a law repealed by this chapter which required further filing, refiling or recording to continue its perfection, perfection continues and will lapse on the date provided by the law so repealed for such further filing, refiling or recording unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected otherwise than by filing.

(4) A financing statement may be filed within six months before the perfection of a security interest would otherwise lapse. Any such financing statement may be signed by either the debtor or the secured party. It must identify the security agreement, statement or notice (however denominated in any statute or other law repealed or modified by this section), state the office where and the date when the last filing, refiling or recording, if any, was made with respect thereto, and the filing number, if any, or book and page, if any, of recording and further state that the security agreement, statement or notice, however denominated, in another filing office under this chapter or under any statute or other law repealed or modified by this chapter is still effective. Section 400.9-401 and section 400.9-103 determine the proper place to file such a financing statement. Except as specified in this subsection, the provisions of section 400.9-403(4) for continuation statements apply to such a financing statement.