J. MILLARD TAWES, Governor                      939

ORDS" AND ANY SUCH STATEMENT TENDERED FOR FIL-
ING IN BALTIMORE CITY OR IN ANY COUNTY WHERE A
BLOCK SYSTEM IS MAINTAINED FOR RECORDING PAPERS
AMONG THE LAND RECORDS SHALL CONTAIN IN THE DES-
CRIPTION OF THE REAL ESTATE THE HOUSE NUMBER AND
STREET, IF THERE BE ANY, OR THE BLOCK REFERENCE.
STATEMENTS OTHER THAN THOSE RELATING TO COLLAT-
ERAL WHICH IS GOODS WHICH ARE OR ARE TO BECOME
FIXTURES SHALL BE RECORDED IN A WELL-BOUND BOOK
OR BOOKS TO BE STYLED "FINANCING RECORDS" AND IN-
DEXED IN A BOOK OR BOOKS TO BE STYLED "INDEX OF
FINANCING RECORDS."

9—403. What Constitutes Filing; Duration of Filing; Effect of
Lapsed Filing; Duties of Filing Officer.—

(1)  Presentation for filing of a financing statement and tender
of the filing fee or acceptance of the statement by the filing officer
constitutes filing under this Sub-title.

(2)  A filed financing statement which states a maturity date of
the obligation secured of five years or less is effective until such
maturity date and thereafter for a period of sixty days. Any other
filed financing statement is effective for a period of five years from
the date of filing. The effectiveness of a filed financing statement
lapses on the expiration of such sixty day period after a stated ma-
turity date or on the expiration of such five year period, as the case
may be, unless a continuation statement is filed prior to the lapse.
Upon such lapse the security interest becomes unperfected. A filed
financing statement which states that the obligation secured is pay-
able on demand is effective for five (5) years from the date of filing.

(3)  A continuation statement may be filed by the secured party
(i) within six months before and sixty days after a stated maturity
date of five years or less, and (ii) otherwise within six months prior
to the expiration of the five year period specified in subsection (2).
Any such continuation statement must be signed by the secured
party, identify the original statement by file number and state that
the original statement is still effective. Upon timely filing of the
continuation statement, the effectiveness of the original statement
is continued for five years after the last date to which the filing was
effective whereupon it lapses in the same manner as provided in sub-
section (2) unless another continuation statement is filed prior to
such lapse. Succeeding continuation statements may be filed in the
same manner to continue the effectiveness of the original statement.
Unless a statute on disposition of public records provides otherwise,
the filing officer may remove THE RECORD OF a lapsed statement
from the files and destroy it.

(4) A filing officer shall mark each statement with a consecutive

file number and with the date and hour of filing and shall hold the

statement for public inspection. In addition the filing officer shall

index the statements according to the name of the debtor and shall

note in the index the file number and the address of the debtor given
in the statement. The State Department of Assessments and Taxa-
tion shall not be required to index the statement according to the