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Can you summarize NVRS 104.9515?
Uniform Commercial CodeOriginal Articles > Duration and effectiveness of financing statement; effect of lapsed financing statement.
Short Summary
This legal document, part of the Nevada Revised Statutes, specifically addresses 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 remain effective for 30 years if indicated as such. The effectiveness of a financing statement lapses upon expiration unless a continuation statement is filed. If a financing statement lapses, any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. A continuation statement can be filed within 6 months before the expiration to extend the effectiveness. The document also mentions that if a debtor is a transmitting utility and the initial financing statement indicates so, the financing statement remains effective until a termination statement is filed. Additionally, a real property mortgage that is effective as a fixture filing remains effective until released or satisfied of record or its effectiveness otherwise terminates as to the real property.
Whom does it apply to?
Creditors and debtors involved in filing financing statements
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
Nevada