What is the effective period of a financing statement?
A financing statement is effective for a five year period from the date on the UCC1 filing, after which it will lapse unless a continuation statement is filed prior to the lapse date. A continuation statement may be filed on the amendment form within six months of the expiration of the five-year period. The continuation statement extends the lapse date an additional five years from the original file date regardless of the filing date of the continuation.
A filed financing statement is effective for a period of five years from the date of filing. It will lapse upon the expiration of the five-year period unless a continuation statement is filed prior to the lapse date. Continuation statements may be filed within six months prior to the expiration of the five-year lapse period. The effect of the continuation statement is to continue the original statement for five more years from the original filing date of the financing statement regardless of the filing date of the continuation.
