R154-2-309. Continuation Statement

  (1) Continuation of lapse date.

  (a) Upon the timely filing of one or more continuation statements by one or more secured parties of record, the lapse date of the financing statement shall be postponed:

  (i) one time only, regardless of whether more than one continuation statement is filed within a given 6-month period prior to a lapse date; and

  (ii) for a period of five years.

  (b) Notwithstanding the immediate postponement of the lapse date with respect to one or more secured parties of record who timely file a continuation statement within a given 6-month period prior to a lapse date, such lapse date remains effective solely for purposes of determining whether a subsequent continuation statement filed in the same 6-month period is timely.

  (2) Status. The filing of a continuation statement shall have no effect upon the status of:

  (a) any party to the financing statement; or

  (b) the financing statement.