Page:United States Statutes at Large Volume 77.djvu/795

 77 STAT. ]

PUBLIC LAW 88-243-DEC. 30, 1963

(3) A form substantially as follows is sufficient to comply with subsection (1): Name of debtor (or assignor) Address Name of secured party (or assignee) Address 1. This financing statement covers the following types (or items) of property: (Describe) 2. (If collateral is crops) The above described crops are growing or are to be grown on: (Describe Real Estate) 3. (If collateral is goods which are or are to become fixtures) The above described goods are affixed or to be affixed to: (Describe Real Estate) 4. (If proceeds or products of collateral are claimed) Proceeds—Products of the collateral are also covered. Signature of Debtor (or Assignor) Signature of Secured Party (or Assignee) (4) The term "financing statement" as used in this article means the original financing statement and any amendments but if any amendment adds collateral, it is effective as to the added collateral only from the filing date of the amendment. (5) A financing statement substantially complying with the requirements of this section is effective even though it contains minor errors which are not seriously misleading. § 28:9—403. What constitutes filing; duration of filing; effect of lapsed filing; duties of filing officer (1) Presentation for filing of a financing statement and tender of the filing fee or acceptance of the statement by the filing officer constitutes filing under this article. (2) A filed financing statement which states a maturity date of the obligation secured of five years or less is effective until such maturity date and thereafter for a period of sixty days. xVny other filed financing statement is effective for a period of five years from the date of filing. The effectiveness of a filed financing statement lapses on the expiration of such sixty day period after a stated maturity date or on the expiration of such five year period, as the case may be, unless a continuation statement is filed prior to the lapse. Upon such lapse the security interest becomes unperfected. A filed financing statement which states that the obligation secured is payable on demand is effective for five years from the date of filing. (3) A continuation statement may be filed by the secured party (i) within six months before and sixty days after a stated maturity date of five years or less, and (ii) otherwise within six months prior to the expiration of the five year period specified in subsection (2). Any such continuation statement must be signed by the secured party, identify the original statement by file number and state that the original statement is still effective. Upon timely filing of the continuation statement, the effectiveness of the original statement is continued for five years after the last date to which the filing was effective whereupon it lapses in the same manner as provided in subsection (2) unless another continuation statement is filed prior to such lapse. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the original statement. Unless a statute on disposition of public records provides otherwise, the filing officer may remove a lapsed statement from the files and destroy it.

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