LD 2245
pg. 453
Page 452 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 454 of 493
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LR 1087
Item 1

 
(a)__If the initial financing statement is filed before this
Article takes effect, for the period provided in former
section 9-403 with respect to a financing statement; and

 
(b)__If the initial financing statement is filed after this
Article takes effect, for the period provided in section 9-
1515 with respect to an initial financing statement.

 
(3)__To be effective for purposes of subsection (1), an
initial financing statement must:

 
(a)__Satisfy the requirements of Part 5 for an initial
financing statement;

 
(b)__Identify the pre-effective-date financing statement by
indicating the office in which the financing statement was
filed and providing the dates of filing and file numbers, if
any, of the financing statement and of the most recent
continuation statement filed with respect to the financing
statement; and

 
(c)__Indicate that the pre-effective-date financing
statement remains effective.

 
Official Comment

 
1. Continuation of Financing Statements Not Filed in Proper
Filing Office Under This Article. This section deals with
continuing the effectiveness of financing statements that are
filed in the proper State and office under former Article 9, but
which would be filed in the wrong State or in the wrong office of
the proper State under this Article. Section 9-705(d) [Maine
cite section 9-1705, subsection (4)] provides that, under these
circumstances, filing a continuation statement after the
effective date of this Article in the office designated by former
Article 9 would not be effective. This section provides the
means by which the effectiveness of such a financing statement
can be continued if this Article governs perfection under the
applicable choice-of-law rule: filing an initial financing
statement in the office specified by Section 9-501 [Maine cite
section 9-1501].

 
Although it has the effect of continuing the effectiveness of
a pre-effective-date financing statement, an initial financing
statement described in this section is not a continuation
statement. Rather, it is governed by the rules applicable to
initial financing statements. (However, the debtor need not
authorize the filing. See Section 9-707 [Maine cite section 9-
1707].) Unlike a continuation statement, the initial financing
statement described in this section may be filed any time during


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