Status of Party upon Filing a Continuation

PURPOSE: This rule provides for the status of parties upon filing a continuation. (1) Upon the timely filing of a continuation as prescribed in section 400.9-515, RSMo, by any secured party of record; the lapse date of the financing statement shall be postponed for five (5) years. (2) The filing of a continuation shall not affect the status of any party to the financing statement. (3) Upon the timely filing of a continuation statement, the status of the financing statement remains active and does not lapse. (4) If there is not a timely filing of a continuation, with respect to a financing statement, the financing statement lapses on its lapse date and the filing office takes no action. On the first year anniversary of the lapse date, the financing statement is rendered inactive and the financing statement shall no longer be made available to a searcher unless the searcher requests inactive statements and the financing statement is still retrievable by the information management system. AUTHORITY: section 400.9-526, RSMo Supp. 2001.* Original rule filed Sept. 30, 2002, effective March 30, 2003. *Original authority: 400.9-526, RSMo 2001.