Vermont § 515 - § 9—515.

§ 515. § 9—515.

• Duration and effectiveness of financing statement; effect of lapsed financing statement (a) Except as otherwise provided in subsections (b), (e), (f), and (g) of this section,
  a filed financing statement is effective for a period of five years after the date
  of filing. (b) Except as otherwise provided in subsections (e), (f), and (g) of this section, 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) 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) of this section. 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
  without filing. 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) A continuation statement may be filed only within six months before the expiration
  of the five-year period specified in subsection (a) of this section or the 30-year
  period specified in subsection (b) of this section, whichever is applicable. (e) Except as otherwise provided in section 9—510 of this title, 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) of this section, unless, before the
  lapse, another continuation statement is filed pursuant to subsection (d) of this
  section. Succeeding continuation statements may be filed in the same manner to continue
  the effectiveness of the initial financing statement. (f) 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) A record of a mortgage that is effective as a financing statement filed as a fixture
  filing under subsection 9—502(c) of this title 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. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2013, No. 157 (Adj. Sess.), § 1.)