(a) Upon the timely filing of one or more continuations by any secured party(ies) of record, the lapse date of the financing statement shall be postponed for five years.
(b) The filing of a continuation shall have no effect upon the status of any party to the financing statement.
(c) Upon the filing of a continuation statement, the status of the financing statement shall remains active.
History Note: Authority G.S. 25-9-515(e); 25-9-526;
Temporary Adoption Eff. July 2, 2001;
Eff. August 1, 2002;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. November 12, 2014.