Procedure Upon Lapse

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