LEG00262

• Bill Number: SB95-091
• Year: 1995
• Title: Concerning Filings to Perfect Security Interests and in Connection Therewith Creating a Central Indexing System and Making Appropriations
• Legislation - Doc Type: Other CWCB Related Bills - Passed

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seriously misleading, the filing is not effective to perfect a
security interest in collateral acquired by the debtor more than
four months after the change, unless a new appropriate financing
statement is filed before the expiration of that time. A filed
financing statement remains effective with respect to collateral
transferred by the debtor even though the secured party knows of
or consents to the transfer.

(8) A financing statement substantially complying with the
requirements of this section is effective even though it contains
minor errors which are not seriously misleading or vit~ res~ect
to those fil i RgS i R the secretary of state's offi ce, contains an
incorrect debtor social security number or taxpayer i dent i fi cat i on
number. or ',':as fi 1 ed B-Y the secretary of state '::ith sijch RijmBer
omitted from the filiRg.

SECTION 4. 4-9-403 (3), Colorado Revised Statutes, 1992
Repl. Vol., is amended to read:

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4-9-403. What constitutes filing - duration of filing -
effect -of lapsed fil i ng - duties of fil i ng offi eel'. (3) A
continuation statement may be filed by the secured party within
six months pri or - to the expi rat i on of the five-year peri od
specified in subsection (2) - of this section. _ - _ Any such
cont i nuat i on statement must Be s igRed BY the secijrea ~al'ty,
identify the original statement by file number and state that the
origi na 1 statement is st ill effective. fl. caRt i RijatiaR statemeRt
sigRed by a ~ersaR ather thaR the secijred ~arty afrecard ~ijst be
accsm~aRied BY a se~arate '.:ritteR statemeRt afassignment sigRed
by the secijred ~arty sf recard aRd csm~lyiRg Idth sijbsectisR(2)
sf s~dil?R ~ 9'-"105, iR&lijdiRg flayJllORt af the re€lijired fee. Uponu
timely filing of. the continuation- statement, the 'effectiveness of
the original statement is co~tinued for five years after the last
date to which the filing was effective whereupon-it -lapses in the
same manner as provided in subsection (2) of this section unless
another conti nuat i on statement is fil ed prior _ to such 1 apse.
Succeedi ng cont i nuat i on statements may be filed in the same manner
to continue the effectiveness of the original statement; Unless
a statute on di spes i ti on Qf pub 1i c records provides otherwi se and
except as provided in subsection (6) of this section, the filing
off-i-ee r-may-remove-a-l-apsed-'-stat ement--fronr:the-fttes-alld--d est ray-
it or a microfilm or other photographic record thereof after one
year after the 1 apse. The fi 1 i ng offi cer shall so arrange matters
by phys i ca 1 annexat i on of fi nanci ngstatements to cont i nuat i on
statements or other related fi 1 i ngs, or by other means, that if
he OR SHE physically destroys the financing statements of a period
more than five years past, those which have been continuea by a
continuation statement or which _are still effective under
subsection (6) of this section shall be retained.

SECTION 5.4-9-404 (1), Colorado Revised Statutes, 1992
Repl. Vol., is amended to read:

) PAGE 5-SENATE BILL 95-91