Mich. Admin. Code R. 440.309

Current through Vol. 24-10, June 15, 2024

Section R. 440.309 - Continuation statement

Rule 309.

(1)Upon the timely filing of a continuation statement by any secured party of record, the lapse date of the financing statement shall be extended by 5 years.

(2) The filing of a continuation statement shall have no effect upon the status of any party to the financing statement.

(3) Upon the filing of a continuation statement, the status of the financing statement remains active in the UCC information management system until 1 year after it lapses, as prescribed in subrule (1) of this rule.

Mich. Admin. Code R. 440.309