New Jersey § 12a:9-515

§ 12a:9-515.

(a) Five-year effectiveness. Except as otherwise provided in subsections (b), (e), (f) and (g), a filed financing

statement is effective for a period of five years after the date of filing. (b) Public-finance or manufactured-home transaction. Except as otherwise provided in subsections (e), (f) and (g), 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. (c) Lapse and continuation of financing statement. 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 (d). 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. (d) When continuation statement may be filed. A continuation statement may be filed only within six months before the expiration

of the five-year period specified in subsection (a) or the 30-year period specified

in subsection (b), whichever is applicable. (e) Effect of filing continuation statement. Except as otherwise provided in 12A:9-510, upon timely filing of a continuation

statement, the effectiveness of the initial financing statement continues for a period

of five 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 five-year period, the financing statement lapses in the

same manner as provided in subsection (c), unless, before the lapse, another continuation

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

effectiveness of the initial financing statement. (f) Transmitting utility financing statement. 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. (g) Record of mortgage as financing statement. A record of mortgage that is effective as a financing statement filed as a fixture

filing under 12A:9-502(c) remains effective as a financing statement filed as a fixture

filing until the mortgage is released or satisfied of record or its effectiveness

otherwise terminates as to the real property. (h) Bondable transition property. If a filed financing statement relates to a security interest in bondable transition

property and the financing statement so states, it is effective until a termination

statement is filed.