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(810 ILCS 5/9-515)
Sec. 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), and (g), a filed financing statement is effective
for a period
of five years after the date of filing.
(b) Public-finance or manufactured-home transaction. Except
as otherwise provided in subsections (e), (f), and (g), an initial financing
statement
filed in connection with a public-finance 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-finance 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 30-year period specified in subsection (b),
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.
(Source: P.A. 97-1034, eff. 7-1-13.)
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