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Can you summarize NHRS 382-A:9-515?
UNIFORM COMMERCIAL CODE > Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the duration and effectiveness of financing statements. A filed financing statement is generally effective for a period of 5 years after the date of filing. However, there are exceptions for initial financing statements filed in connection with public-finance transactions or manufactured-home transactions, which are effective for 30 years. The effectiveness of a financing statement lapses upon expiration, but it can be continued by filing a continuation statement within a specific timeframe. Filing a continuation statement extends the effectiveness of the initial financing statement for another 5 years. The document also mentions the effectiveness of financing statements filed by transmitting utilities and records of mortgages filed as fixture filings. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Creditors and debtors involved in financing transactions
What does it govern?
Duration and effectiveness of financing statements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire