Utah Admin. Code R154-2-308 - Continuation Statement

(1)

(a) Upon the timely filing of one or more continuation statements by any secured party or parties of record, the lapse date of the financing statement shall be postponed for five years.

(b) The lapse date is postponed once notwithstanding the fact that more than one continuation statement is filed within a given six-month period before a lapse date.

(c) Notwithstanding the immediate postponement of the lapse date with respect to one or more secured parties of record who file timely a continuation statement within a given six-month period before a lapse date, the lapse date remains effective solely for purposes of determining whether or not a subsequent continuation statement filed in the same six-month period is timely.

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

Notes

Utah Admin. Code R154-2-308

Amended by Utah State Bulletin Number 2022-19, effective 9/21/2022