554.11105  Transition provision on change of place of filing.

1.  Except as provided in subsection 5, a filed financing or continuation statement which has not lapsed or been terminated prior to January 1, 1975, shall remain effective for the period provided in this chapter prior to amendment, but not less than five years after the filing.

2.  Except as provided in subsection 5, with respect to any collateral acquired by the debtor subsequent to January 1, 1975, any effective financing statement or continuation statement described in this section shall apply only if the filing or filings are in the office or offices that would be appropriate to perfect the security interests in the new collateral under this chapter as amended.

3.  The effectiveness of any financing statement or continuation statement filed prior to January 1, 1975, may be continued by a continuation statement as permitted by this chapter as amended, except that if this chapter as amended requires a filing in an office where there was no previous financing statement, a new financing statement conforming to either section 554.9402 or subsection 8 shall be filed in that office. A financing statement conforming to the requirements of subsection 8 continues the effectiveness of a financing statement or continuation statement initially filed prior to January 1, 1975, for a period of five years from the last date that the prior financing statement or continuation statement would be effective if no further filing were made, if the financing statement conforming to the requirements of subsection 8 is filed within six months prior to the expiration of the prior financing statement or continuation statement.

4.  If the record of a mortgage of real estate would have been effective as a fixture filing or a filing covering timber to be cut, or minerals or the like (including oil and gas), or accounts subject to section 554.9103, subsection 5, or any or all of these, of goods described therein if this chapter as amended had been in effect on the date of recording the mortgage, the mortgage shall be deemed effective as a fixture filing as to such goods under section 554.9402, subsection 6, on January 1, 1975, and the mortgage shall be deemed effective as a filing covering timber to be cut or minerals or the like (including oil and gas), or accounts subject to section 554.9103, subsection 5, or any or all of these, on July 1, 1976.

5.  If collateral consists of equipment used in farming operations, or farm products, or accounts, contract rights, or general intangibles arising from or relating to the sale of farm products by a farmer, the place of effective filing is as follows:

a.  Filings in the office of a county recorder which have not lapsed or been terminated prior to January 1, 1975, retain their effectiveness unless subsequently lapsed or terminated until January 1, 1980; however, on or after January 1, 1975, continuation statements are not to be filed in the office of a county recorder, and effectiveness can be continued only through the filing in the office of the secretary of state of a financing statement which complies with section 554.9402 or, if filed before January 1, 1980, with subsection 8; the effectiveness of such financing statements is to be continued through continuation statements which comply with section 554.9403, subsection 3; a prior county filing ordinarily may be continued in the office of the secretary of state only in the final six months of its effectiveness at the county level; however, if there were multiple filings in different counties with respect to the same secured transaction, the multiple filings may be consolidated into a single filing in the office of the secretary of state if any one of the multiple county filings is in the final six months of its effectiveness at the county level;

b.  on or after January 1, 1975, initial financing statements must be filed in the office of the secretary of state; and must conform to section 554.9402; and

c.  on or after January 1, 1980, all filings must be in the office of the secretary of state and must conform to either section 554.9402 or subsection 8.

6.  If collateral consists of fixtures, timber to be cut, minerals or the like (including oil and gas), or accounts subject to subsection 5 of section 554.9103, filings in the Uniform Commercial Code files of a county recorder which have not lapsed or been terminated prior to January 1, 1975, retain their effectiveness unless subsequently lapsed or terminated until January 1, 1980; however, on or after July 1, 1976, continuation statements in the form of financing statements which are to be recorded in the land records and cross-indexed in the Uniform Commercial Code files of the county recorder can be filed without regard to the remaining period of effectiveness of the prior filing; financing statements used to continue the effectiveness of prior county land-related filings must comply either with section 554.9402, or with subsection 8.

7.  If a security interest is perfected or has priority on January 1, 1975, as to all persons or as to certain persons without any filing or recording, and if the filing of a financing statement would be required for the perfection or priority of the security interest against those persons under this chapter as amended, the perfection and priority rights of the security interest continue until three years after January 1, 1975. The perfection will then lapse unless a financing statement which complies with either section 554.9402 or subsection 8 of this section has been filed or unless the security interest has been perfected otherwise than by filing. The effectiveness of such financing statements is to be continued through continuation statements which comply with section 554.9403, subsection 3.

8.  Where indicated by this section, a financing statement which otherwise complies with section 554.9402 may be signed by either the secured party or the debtor provided that the financing statement is accompanied by a carbon, photocopy, or other suitable reproduction of an effective prior filing, and evidence of proper prior filing, and states that the prior filing is still effective. Insofar as subsection 7 authorizes perfection by filing of security interests which have been perfected without filing under section 554.9302, subsection 1, paragraph "c," prior to amendment, a financing statement which otherwise complies with section 554.9402 may be signed by either the secured party or the debtor provided that the financing statement identifies the security agreement and states that the security interest was perfected without filing under section 554.9302, subsection 1, paragraph "c," prior to amendment.

Section History: Early form

  [C75, 77, 79, 81, § 554.11105]

Section History: Recent form

  92 Acts, ch 1051, § 1, 2

Internal References

  Referred to in § 554.11103


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