                                 CODE OF VIRGINIA

DURATION AND EFFECTIVENESS OF FINANCING STATEMENT; EFFECT OF LAPSED FINANCING
STATEMENT (§ 8.9A-515)

a. Five-year effectiveness. Except as otherwise provided in subsections (b),
(e), (f), and (g), a filed financing statement is effective for a period of five
years after the date of filing.

b. Public-finance or manufactured-home transaction. Except as otherwise provided
in subsections (e), (f), and (g), an initial financing statement filed in
connection with a public-finance transaction or manufactured-home transaction is
effective for a period of thirty years after the date of filing if it indicates
that it is filed in connection with a public-finance 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), whichever is applicable.

e. Effect of filing continuation statement. Except as otherwise provided in
&#xA7; 8.9A-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 &#xA7;
8.9A-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.

HISTORY: 1964, c. 219, § 8.9-403; 1973, c. 509; 1975, c. 225; 1976, c. 536;
1977, c. 539; 1978, c. 284; 1982, c. 652; 1984, cc. 40, 771; 1985, c. 297; 1988,
c. 804; 1990, cc. 89, 412; 1992, c. 784; 2000, c. 1007; 2012, c. 155.