If there is no timely filing of a continuation with respect to a financing statement, the financing statement lapses on its lapse date but no action is then taken by the filing office. On the first anniversary of such lapse date, the information management system renders or is caused to render the financing statement inactive. The financing statement is not made available to a searcher unless inactive statements are requested by the searcher and the financing statement is still retrievable by the information management system.

Source: 28 SDR 23, effective July 18, 2001 ; 42 SDR 177, effective June 30, 2016 .

General Authority: SDCL 57A-9-526.

Law Implemented: SDCL 57A-9-525.2 , 57A-9-515, 57A-9-519 .

Prior versions effective: 2001-07-18.