If there is no timely filing of a continuation statement 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 and the financing statement will no longer be 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 Note:The provisions of this §95.313 adopted to be effective December 17, 2007, 32 TexReg 9320.