5. Continuing Effectiveness of Filed Financing Statement. A financing statement filed before the effective date of this Article may be continued only by filing in the State and office designated by this Article. This result is accomplished in the following manner: Subsection (d) [Maine cite subsection (4)] indicates that, as a general matter, a continuation statement filed after the effective date of this Article does not continue the effectiveness of a financing statement filed under the law designated by former Section 9-103. Instead, an initial financing statement must be filed under Section 9-706 [Maine cite section 9-1706]. The second sentence of subsection (d) [Maine cite subsection (4)] contains an exception to the general rule. It provides that a continuation statement is effective to continue the effectiveness of a financing statement filed before this Article takes effect if this Article prescribes not only the same jurisdiction but also the same filing office.

Example 2: On November 8, 2000, D, a State X corporation, creates a security interest in certain manufacturing equipment located in State Y. On November 15, 2000, SP perfects a security interest in the equipment under former Article 9 by filing in office of the State Y Secretary of State. See former Section 9- 103(1)(b). This Article takes effect in States X and Y on July 1, 2001. Under Section 9-705(c) [Maine cite section 9-1705, subsection (3)], the financing statement ceases to be effective in November, 2005, when it lapses. See Section 9-515 [Maine cite section 9-1515]. Under this Article, the law of D's location (State X, see Section 9-307 [Maine cite section 9-1307]) governs perfection. See Section 9-301 [Maine cite section 9-1301]. Thus, the filing of a continuation statement in State Y after the effective date would not continue the effectiveness of the financing statement. See subsection (d) [Maine cite subsection (4)]. However, the effectiveness of the financing statement could be continued under Section 9-706 [Maine cite section 9- 1706].

Example 3: The facts are as in Example 2, except that D is a State Y corporation. Assume State Y adopted former Section 9- 401(1) (second alternative). State Y law governs perfection under Part 3 of this Article. (See Sections 9-301, 9-307 [Maine