Continuation Statement

(1) Continuation of Lapse Date. Upon the timely filing of a continuation statement by any secured party of record, the lapse date of the financing statement shall be postponed for five (5) years from the prior lapse date. Only one continuation statement can be filed on a financing statement during the continuation period. (2) Status. The filing of a continuation statement shall have no effect upon the status of any party to the financing statement or upon the status of the financing statement.