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(a) On and after August 23, 2001, the only initial financing statements that may be accepted in a district recording office are fixture statements, or initial filings relating to as-extracted collateral or timber to be cut. All other new financing statements must be submitted to the central filing office described in AS 45.29.501 (a)(2), if this state is the proper state for filing.
(b) On and after, August 23, 2001, existing filings in a district recording office may be amended, assigned, terminated, or released through the filing of a UCC amendment form until lapse.
(c) On and after, August 23, 2001, existing filings in a district recording office may not be continued through the filing of a UCC amendment form unless the initial filing is a fixture statement or a statement covering as-extracted collateral or timber to be cut. In order to extend the effectiveness of an existing financing statement, other than a fixture filing or related filing, on file in a district recording office, a new financing statement must be submitted to the proper place of filing under AS 45.29.501 - 45.29.502. If the proper place of filing on or after August 23, 2001, is the UCC central filing office in this state, the new financing statement filed in lieu of a continuation must state that the statement is an "in lieu" statement and include copies of the prior filing and all changes and continuations previously filed pertaining to that filing. The "in lieu" statement shall be treated as a new initial financing statement in the UCC central filing office and a new lapse date calculated.
History: Eff. 8/23/2001, Register 159
Authority: AS 44.37.027
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Last modified 7/05/2006