2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 5 - Filing › Sub Part 1 - Filing Office; Contents and Effectiveness of Financing Statement › 9-515 - Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement

Section 9--515. Duration   and  Effectiveness  of  Financing  Statement;
Effect of Lapsed Financing Statement.
(a) Five-year  effectiveness.  Except   as   otherwise   provided   in
subsections  (b), (e), (f), (g), and (h), a filed financing statement is
effective for a period of five years after the date of filing.
(b) Public-financed  or  manufactured-home  transaction.   Except   as
otherwise  provided  in  subsections  (e), (f), (g), and (h), an initial
financing  statement  filed  in  connection   with   a   public-financed
transaction  or  manufactured-home transaction is effective for a period
of 30 years after the date of filing if it indicates that it is filed in
connection  with  a  public-financed  transaction  or  manufactured-home
transaction.
(c) Lapse  and  continuation of financing statement. The effectiveness
of a filed financing statement lapses on the expiration of the period of
its effectiveness unless before the lapse a  continuation  statement  is
filed  pursuant  to  subsection  (d).  Upon lapse, a financing statement
ceases to be effective and any security interest  or  agricultural  lien
that  was  perfected  by  the  financing  statement becomes unperfected,
unless the security interest is perfected  otherwise.  If  the  security
interest  or  agricultural  lien  becomes  unperfected upon lapse, it is
deemed never to have been  perfected  as  against  a  purchaser  of  the
collateral for value.
(d) When continuation statement may be filed. A continuation statement
may  be  filed  only  within  six  months  before  the expiration of the
five-year period specified in subsection (a) or the  thirty-year  period
specified  in  subsection  (b) or  the  fifty-year  period  specified in
subsection (h), whichever is applicable.
(e) Effect of  filing  continuation  statement.  Except  as  otherwise
provided  in  Section  9--510,  upon  timely  filing  of  a continuation
statement,  the  effectiveness  of  the  initial   financing   statement
continues  for a period of five years commencing on the day on which the
financing statement would have become ineffective in the absence of  the
filing.  Upon  the  expiration  of  the  five-year period, the financing
statement lapses in the same  manner  as  provided  in  subsection  (c),
unless,  before  the  lapse,  another  continuation  statement  is filed
pursuant to subsection (d). Succeeding continuation  statements  may  be
filed  in  the  same manner to continue the effectiveness of the initial
financing statement.
(f) Transmitting  utility  financing  statement.  If  a  debtor  is  a
transmitting   utility  and  a  filed  initial  financing  statement  so
indicates, the financing statement  is  effective  until  a  termination
statement is filed.
(g) Record  of mortgage as financing statement. A record of a mortgage
that is effective as a financing statement filed  as  a  fixture  filing
under Section 9--502(c) remains effective as a financing statement filed
as  a  fixture  filing  until  the  mortgage is released or satisfied of
record  or  its  effectiveness  otherwise  terminates  as  to  the  real
property.
(h) Cooperative  interest  transaction. An initial financing statement
covering a cooperative interest is effective for a period  of  50  years
after  the  date  of  the filing of the initial financing statement if a
cooperative addendum is filed simultaneously with the initial  financing
statement or is filed before the financing statement lapses.