| cite sections 9-1301, 9-1307].) Under the second sentence of | subsection (d) [Maine cite subsection (4)], the timely filing of | a continuation statement in accordance with the law of State Y | continues the effectiveness of the financing statement. |
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| | Example 4: The facts are as in Example 3, except that the | collateral is equipment used in farming operations and, in | accordance with former Section 9-401(1) (second alternative) as | enacted in State Y, the financing statement was filed in State Y, | in the office of the Shelby County Recorder of Deeds. Under this | Article, a continuation statement must be filed in the office of | the State Y Secretary of State. See Section 9-501(a)(2) [Maine | cite section 9-1501, subsection (1), paragraph (b)]. Under the | second sentence of subsection (d) [Maine cite subsection (4)], | the timely filing of a continuation statement in accordance with | the law of State Y operates to continue a pre-effective-date | financing statement only if the continuation statement is filed | in the same office as the financing statement. Accordingly, the | continuation statement is not effective in this case, but the | financing statement may be continued under Section 9-706 [Maine | cite section 9-1706]. |
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| | Example 5: The facts are as in Example 3, except that State Y | enacted former Section 9-401(1) (third alternative). As required | by former Section 9-401(1), SP filed financing statements in both | the office of the State Y Secretary of State and the office of | the Shelby County Recorder of Deeds. Under this Article, a | continuation statement must be filed in the office of the State Y | Secretary of State. See Section 9-501(a)(2) [Maine cite section | 9-1501, subsection (1), paragraph (b)]. The timely filing of a | continuation statement in that office after this Article takes | effect would be effective to continue the effectiveness of the | financing statement (and thus continue the perfection of the | security interest), even if the financing statement filed with | the County Recorder lapses. |
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| | 6. Continuation Statements. In some cases, this Article | reclassifies collateral covered by a financing statement filed | under former Article 9. For example, collateral consisting of | the right to payment for real property sold would be a "general | intangible" under the former Article but an "account" under this | Article. To continue perfection under those circumstances, a | continuation statement must comply with the normal requirements | for a continuation statement. See Section 9-515 [Maine cite | section 9-1515]. In addition, the pre-effective-date financing | statement and continuation statement, taken together, must | satisfy the requirements of this Article concerning the | sufficiency of the debtor's name, secured party's name, and | indication of collateral. See subsection (f) [Maine cite | subsection (6)]. |
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