7-17-15  Status of party upon filing a
continuation statement. (a) Upon the timely fil-
ing of one or more continuation statements, the
lapse date of the financing statement shall be post-
poned for five years.

 (b) The filing of a continuation statement shall
not affect the status of any party to the financing
statement.

 (c) Upon the filing of a continuation statement,
the status of the financing statement shall remain
active and unlapsed.

 (d) If there is no timely filing of a continuation
statement with respect to a financing statement,
the financing statement shall lapse on its lapse
date, but no action shall be taken by the filing
office. One year after the lapse date, the financing
statement shall be rendered inactive, and the fi-
nancing statement shall no longer be made avail-
able to a searcher unless inactive statements are
requested by the searcher and the financing state-
ment is still retrievable by the information man-
agement system. (Authorized by L. 2000, Ch. 142,
§ 97; implementing L. 2000, Ch. 142, § 86; effec-
tive Oct. 12, 2001.)