ROBERT L. EHRLICH, JR., Governor                           H.B. 374

(2) June 30, 2006.

(D) SUBSECTION (C) APPLIES TO ALL FINANCING STATEMENTS FILED IN THIS
STATE BEFORE THIS TITLE TAKES EFFECT, INCLUDING THOSE FILED WITH RESPECT
TO SECURITY INTERESTS IN COLLATERAL GOVERNED AS TO PERFECTION BY THE
LOCAL LAW OF THIS STATE UNDER THE PRIOR CODE AND THIS TITLE.

[(d)] (E) The filing of a continuation statement after this title takes effect does
not continue the effectiveness of the financing statement filed before this title takes
effect. However, upon the timely filing of a continuation statement after this title
takes effect and in accordance with the law of the jurisdiction governing perfection as
provided in Subtitle 3 of this title, the effectiveness of a financing statement filed in
the same office in that jurisdiction before this title takes effect continues for the
period provided by the law of that jurisdiction.

[(e)] (F) Subsection (c)(2) applies to a financing statement that, before this
title takes effect, is filed against a transmitting utility and satisfies the applicable
requirements for perfection under the law of the jurisdiction governing perfection as
provided in prior Code § 9-103, only to the extent that Subtitle 3 of this title provides
that the law of a jurisdiction other than the jurisdiction in which the financing
statement is filed governs perfection of a security interest in collateral covered by the
financing statement.

[(f)] (G) A financing statement that includes a financing statement filed
before this title takes effect and a continuation statement filed after this title takes
effect is effective only to the extent that it satisfies the requirements of Subtitle 5 of
this title for an initial financing statement.

9-706.

(a)     The filing of an initial financing statement in the office specified in §
9-501 continues the effectiveness of a financing statement filed before this title takes
effect if:

(1)     The filing of an initial financing statement in that office would be
effective to perfect a security interest under this title;

(2)     The pre-effective-date financing statement was filed in an office in
another state or another office in this State; 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 statements

(1)     If the initial financing statement is filed before this title takes effect,
for the period provided in prior Code § 9-403 with respect to a financing statement;
and

(2)     If the initial financing statement is filed after this title takes effect,]
for the period in § 9-515 with respect to an initial financing statement.

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