(1) A continuation statement may be filed within six months prior to the expiration of the five-year period of effectiveness of an effective financing statement. A continuation statement shall identify the effective financing statement by file number, filing office where originally filed, and date filed. Upon timely filing of the continuation statement, the effectiveness of the effective financing statement shall be continued for five years after the last date to which the effective financing statement was effective, whereupon its effectiveness shall lapse unless another continuation statement is filed prior to such lapse. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the effective financing statement.
The effectiveness of an effective financing statement that was filed before July 1,1996, and that had not otherwise lapsed by December 31, 1997, shall be deemed to have lapsed in the manner provided in subsection (1) of this section on December 31, 1997, unless a continuation statement was filed on or after July 1, 1996, but on or before December 31, 1997, that complied with the requirements of subsection (1) of this section. The filing of a continuation statement pursuant to this subsection (2) shall have extended the effectiveness of the effective financing statement for five years after the last date to which the effective financing statement would otherwise have been effective, whereupon it shall have lapsed in the manner set forth in subsection (1) of this section unless further continuation statements were filed in the manner and within the time periods prescribed in subsection (1) of this section in order to prevent such lapse.
(Deleted by amendment, L. 2006, p. 1150, § 6.)
No continuation statement filed pursuant to this section on or after July 1, 1995, shallbe ineffective solely because it failed to include a statement that the original financing statement is still effective.
Source: L. 88: Entire article added, p. 330, § 1, effective May 29. L. 97: Entire section amended, p. 550, § 9, effective April 24. L. 97, 1st Ex. Sess.: (2) amended and (4) added, p. 7, § 3, effective October 22. L. 2006: (1), (2), and (3) amended, p. 1150, § 6, effective May 29, 2012.
Editor's note: (1) Subsection (2) was amended and subsection (4) was added by Senate Bill 97S-005 at the first extraordinary session of the sixty-first general assembly in 1997 to correct a technical error. The amendment removes a requirement erroneously left in the law that every continuation statement filed under the "Uniform Commercial Code - Secured Transactions" or the "Central Filing of Effective Financing Statements Act" on or after July 1, 1995, include a statement that the financing statement that is being continued by the filing remains effective. It substitutes language that validates continuation statements filed on or after July 1, 1995, in a form that does not include such statement.
(2) Section 12 of chapter 249, Session Laws of Colorado 2006, provides that the act amending subsections (1), (2), and (3) is effective ninety days following certification in writing by the secretary of state to the revisor of statutes that approval of changes to the central filing system enacted by the act has been obtained from the United States department of agriculture, and the secretary of state has implemented the necessary computer system to publish and distribute the master list electronically and is able to do so. The revisor of statutes received certification from the secretary of state on February 29, 2012.