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.