Title 11, Chapter 9, Section 515
Duration and effectiveness of financing statement; effect of lapsed financing statement.
(a) Five-year effectiveness. Except as otherwise provided in
subsection (d) of this Code section, a filed financing statement is
effective for a period of five years after the date of filing or
until the twentieth day after any earlier maturity date required to
be specified on the filed financing statement.
(b) 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 (c)
of this Code section. 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.
(c) 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) of this Code
section or the occurrence of any earlier maturity date required to
be specified on a filed financing statement.
(d) Effect of filing continuation statement. Except as otherwise provided in Code Section 11-9-510, 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 or, where both (1) the collateral described consists only of consumer goods as defined in paragraph (24) of subsection (a) of Code Section 11-9-102 and (2) the secured obligation is originally $5,000.00 or less, any earlier maturity date of the secured obligation specified on such continuation statement. Upon the expiration of the five-year period or the earlier occurrence of a required specified maturity date, the financing statement lapses in the same manner as provided in subsection (b) of this Code section, unless, before the lapse, another continuation statement is filed pursuant to subsection (c) of this Code section. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.