Nevada § 104.9515 - Duration and effectiveness of financing statement; effect of lapsed financing statement

§ 104.9515. Duration and effectiveness of financing statement; effect of lapsed financing statement

1. Except as otherwise provided in subsections 2, 5, 6 and 7, a filed financing statement

is effective for a period of 5 years after the date of filing. 2. Except as otherwise provided in subsections 5, 6 and 7, an initial financing statement

filed in connection with a public-finance transaction or manufactured-home transaction

is effective for a period of 30 years after the date of filing if it indicates that

it is filed in connection with a public-finance transaction or manufactured-home transaction. 3. The effectiveness of a filed financing statement lapses on the expiration of the

period of its effectiveness unless before the lapse a continuation statement is filed

pursuant to subsection 4. Upon lapse, a financing statement ceases to be effective and any security interest

or agricultural lien that was perfected by the financing statement becomes unperfected,

unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it

is deemed never to have been perfected as against a purchaser of the collateral for

value. 4. A continuation statement may be filed only within 6 months before the expiration

of the 5-year period specified in subsection 1 or the 30-year period specified in

subsection 2, whichever is applicable. 5. Except as otherwise provided in NRS 104.9510 , upon timely filing of a continuation statement, the effectiveness of the initial

financing statement continues for a period of 5 years commencing on the day on which

the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the 5-year period, the financing statement lapses in the

same manner as provided in subsection 3, unless, before the lapse, another continuation

statement is filed pursuant to subsection 4. Succeeding continuation statements may be filed in the same manner to continue the

effectiveness of the initial financing statement. 6. If a debtor is a transmitting utility and a filed initial financing statement so

indicates, the financing statement is effective until a termination statement is filed. 7. A real property mortgage that is effective as a fixture filing under subsection

3 of NRS 104.9502 remains effective as a fixture filing until the mortgage is released or satisfied

of record or its effectiveness otherwise terminates as to the real property.