292

LAWS OF MARYLAND

[Ch. 49

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 maturity 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 payable 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 subsection (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)    Upon presentation of such a financing or
continuation statement, or any amendment thereof, to the
filing officer, other than one relating to fixtures under
§ 9—401 (1) (a), he shall mark it with an identifying
file number and with the date and hour of filing and give
a receipt therefor and he shall record same in the
financing records for public inspection. In addition
the filing officer shall index such a financing or
continuation statement alphabetically according to the
name of the debtor and shall note in such index the name
of the secured party, the identifying file number, the
liber and folio number of the record reference of such
financing or continuation statement, and the [note] DATE
of filing. It shall not be necessary to index such
statement according to the name of the secured party.
The index shall also contain sufficient space for the
noting therein of an amendment, assignment, termination
or release relating thereto, and with respect to any
amendment of a financing statement or a continuation