30-9A-706. When initial financing statement suffices as continuation statement. (1) The effectiveness of a financing statement filed before July 1, 2001, may be continued by filing in the office specified in 30-9A-501 an initial financing statement complying with the requirements of subsection (2) if:
(a) the filing of a financing statement in that office is effective to perfect a security interest; and
(b) the preeffective-date financing statement was filed in an office in another state or another office in this state.
(2) To be effective for purposes of subsection (1), an initial financing statement must:
(a) satisfy the requirements of Title 30, chapter 9A, part 5, for an initial financing statement;
(b) identify the preeffective-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 preeffective-date financing statement remains effective.
History: En. Sec. 165, Ch. 305, L. 1999.