If you have made a secured loan, and filed a UCC-1 Financing Statement with the Secretary of State, is your secured position protected forever? No. A Financing Statement expires five years after the date of filing. To continue the secured position for another five years, a continuation statement must be filed with the Secretary of State before the five-year period expires. Once the financing statement expires, its time priority is lost. The Continuation Statement also cannot be filed more than six months before the five-year period expires. Mark your calendar for timely renewal of your financing statement.
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