Procedure upon Lapse

If there is no timely filing of a continuation with respect to a financing statement, the financing statement lapses on its lapse date but no action is then taken by the filing office. On the first anniversary of such lapse date, the filing office mayremove the financing statement from the information management system and such statement will no longer be available to a searcher unless inactive statements are requested by the searcher and the financing statement is still retrievable on the information management system.