Mich. Admin. Code 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.
Notes
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