24.48.050 When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement

(a) The filing of an initial financing statement in the office specified in section 24.4272 continues the effectiveness of a financing statement filed before [the effective date of Chapters 24.42 through 24.48], if:

(1) The filing of an initial financing statement in that office would be effective to perfect a security interest under Chapters 24.42 through 24.48;

(2) The pre-effective-date financing statement was filed in an office in another state or another office in the Tribe's jurisdiction or another jurisdiction with which the Tribe has entered in to an agreement; and

(3) The initial financing statement satisfies subsection (c).

(b) The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement:

(1) If the initial financing statement is filed before [the effective date of Chapters 24.42 through 24.48], for the period provided in the former Section 24.44.220 with respect to a financing statement; and

(2) If the initial financing statement is filed after [the effective date of Chapters 24.42 through 24.48], for the period provided in Section 24.46.140 with respect to an initial financing statement.

(c) To be effective for purposes of subsection (a), an initial financing statement must:

(1) Satisfy the requirements of part 5 for an initial financing statement;

(2) Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and

(3) Indicate that the pre-effective-date financing statement remains effective.