(1) If a security interest is perfected or has priority when the act enacting this Article takes effect 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 under Revised Article 9, the perfection and priority rights of the security interest continue until three years after the effective date of Revised Article 9. The perfection will then lapse unless a financing statement is filed as provided in subsection (2) or unless the security interest is perfected otherwise than by filing.
Terms Used In N.Y. Uniform Commercial Code 11-106
- Statute: A law passed by a legislature.
(2) 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 It must identify the security agreement, statement or notice however denominated in any statute or other law repealed or modified by the act enacting this Article, state the office where and the date when the last filing, refiling or recording, if any, was made with respect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however denominated, in another filing office under the uniform commercial code or under any statute or other law repealed or modified by the act enacting this Article is still effective. Section 9-401 and Section 9-103 determine the proper place to file such a financing statement. Except as specified in this subsection, the provisions of subsection (3) of Section 9-403 for continuation statements apply to such a financing statement.