continuation statement

continuation statement
USA
UCC-3 continuation statement, Also known as a continuation statement.
The amendment used to extend the effectiveness of a UCC-1 beyond the date which is five years after the date of its filing. The continuation statement should identify the initial UCC-1 to which it relates (UCC §9-102(a)(27)). The continuation statement must be filed within six months before the expiration of the UCC-1 (UCC §9-515(d)). When it is filed, it extends the effectiveness of the original UCC-1 for an additional five years from the date that the UCC-1 would have expired (UCC §9-515(e)). Further continuation statements can be filed to continue the effectiveness of the initial UCC-1 filing.
For more information on UCC-1s and continuation statements, see Practice Note, UCC Creation, Perfection and Priority of Security Interests (www.practicallaw.com/6-381-0551).
Standard Documents

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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