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Can you summarize NVRS 104.9706?
Uniform Commercial CodeOriginal Articles > When initial financing statement suffices to continue effectiveness of financing statement filed before July 1, 2001.
Short Summary
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the continuation of effectiveness of financing statements filed before July 1, 2001. It states that the filing of an initial financing statement in the specified office will continue the effectiveness of a financing statement filed before July 1, 2001, under certain conditions. These conditions include the filing of an initial financing statement being effective to perfect a security interest, the pre-effective-date financing statement being filed in another state or office in Nevada, and the initial financing statement satisfying specific requirements. The provision also specifies that the filing of an initial financing statement will continue the effectiveness of the pre-effective-date financing statement for a certain period, depending on whether the initial financing statement is filed before or on/after July 1, 2001. The initial financing statement must satisfy the requirements for an initial financing statement, identify the pre-effective-date financing statement, and indicate that the pre-effective-date financing statement remains effective.
Whom does it apply to?
Parties who have filed financing statements before July 1, 2001
What does it govern?
Continuation of effectiveness of financing statements filed before July 1, 2001
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada