R 440.312 Procedure on lapse.

Rule 312. (1) If there is no timely filing of a continuation with respect to a financing statement, the financing statement lapses on its lapse date, but remains active in the UCC information management system until the first anniversary of its lapse date. (2) On the first anniversary of the lapse date of a financing statement, the financing statement is inactive in the UCC information management system and the financing statement is no longer available to a searcher.