Section 9--706. When Initial Financing Statement Suffices to Continue

Effectiveness of Financing Statement.

(a) Initial financing statement in lieu of continuation statement. The
filing of an initial financing statement in the office specified in
Section 9--501 continues the effectiveness of a financing statement
filed before Revised Article 9 takes effect if:

(1) the filing of an initial financing statement in that office

would be effective to perfect a security interest under

Revised Article 9;

(2) the pre-effective-date financing statement was filed in an

office in another state or another office in this state; and

(3) the initial financing statement satisfies subsection (c).

(b) Period of continued effectiveness. The filing of an initial
financing statement under subsection (a) continues the effectiveness of
the pre-effective-date financing statement:

(1) if the initial financing statement is filed before Revised

Article 9 takes effect, for the period provided in Former

Section 9--403 with respect to a financing statement; and

(2) if the initial financing statement is filed after Revised

Article 9 takes effect, for the period provided in Section

9--515 with respect to an initial financing statement.

(c) Requirements for initial financing statement under subsection (a).
To be effective for purposes of subsection (a), an initial financing
statement must:

(1) satisfy the requirements of Part 5 for an initial financing

statement;

(2) identify the pre-effective-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

(3) indicate that the pre-effective-date financing statement

remains effective.