Section 10
Duration Of Notice And Effect Of Lapse Thereof
(1) A notice filed in accordance with this Act shall remain effective for a period of five years after
the date of filing. The notice so filed shall cease to remain effective on the expiration of a period of five years period unless a continuation statement is filed before the expiration of the term of such notice.
(2) Except where the security interest is mature without filing, a notice shall become ineffective and any security interest that was matured by the notice shall become immature upon the expiration of the validity period of
that notice.
(3) Where a security interest becomes immature by the reason of expiration of the validity period of a notice, the security interest shall, in no case, be deemed to have been mature against a person who acquires the
collateral for value before or after the expiration of such notice.
the date of filing. The notice so filed shall cease to remain effective on the expiration of a period of five years period unless a continuation statement is filed before the expiration of the term of such notice.
(2) Except where the security interest is mature without filing, a notice shall become ineffective and any security interest that was matured by the notice shall become immature upon the expiration of the validity period of
that notice.
(3) Where a security interest becomes immature by the reason of expiration of the validity period of a notice, the security interest shall, in no case, be deemed to have been mature against a person who acquires the
collateral for value before or after the expiration of such notice.