A lapse date is calculated for each original financing statement (unless the debtor is designated as a transmitting utility). The lapse date is the same date of the same month as the filing date in the fifth year after the filing date or relevant subsequent fifth anniversary thereof if timely continuation statement is filed. The lapse takes effect at midnight at the end of the lapse date.

Source Note:The provisions of this §95.505 adopted to be effective November 1, 1998, 23 TexReg 9727.