(A) Continuation of lapse date. 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. The lapse date is postponed once notwithstanding the fact that more than one continuation statement is filed within a given six-month period prior to the lapse date. Notwithstanding the immediate postponement of the lapse date with respect to one or more secured parties of record who file timely a continuation statement within a given six-month period prior to a lapse date, such lapse date remains effective solely for purposes of determining whether or not a subsequent continuation statement filed in the same six-month period is timely.
(B) Status. The filing of a continuation shall have no effect upon the status of any party to the financing statement or upon the status of the financing statement.
R.C. 119.032 review dates: 10/21/2010 and 07/15/2015
Promulgated Under: 119.03
Statutory Authority: 1309.526
Rule Amplifies: 1309.515 , 1309.519
Prior Effective Dates: 7/3/01 (Emer.), 9/20/01.