Okla. Stat. tit. 12A, § 12A-1-9-515

effect of lapsed financing statement.

DURATION AND EFFECTIVENESS OF FINANCING STATEMENT;

EFFECT OF LAPSED FINANCING STATEMENT

Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 116

(a) Except as otherwise provided in subsections (b), (e), (f),

and (g) of this section, a filed financing statement is effective

for a period of five (5) years after the date of filing.

(b) Except as otherwise provided in subsections (e), (f), and

(g) of this section, an initial financing statement filed in

connection with a public-finance transaction or manufactured-home

transaction is effective for a period of thirty (30) years after the

date of filing if it indicates that it is filed in connection with a

public-finance transaction or manufactured-home transaction.

(c) The effectiveness of a filed financing statement lapses on

the expiration of the period of its effectiveness unless before the

lapse a continuation statement is filed pursuant to subsection (d)

of this section. Upon lapse, a financing statement ceases to be

effective and any security interest or agricultural lien that was

perfected by the financing statement becomes unperfected, unless the

security interest is perfected otherwise. If the security interest

or agricultural lien becomes unperfected upon lapse, it is deemed

never to have been perfected as against a purchaser of the

collateral for value.

(d) A continuation statement may be filed only within six (6)

months before the expiration of the five-year period specified in

subsection (a) of this section or the thirty-year period specified

in subsection (b) of this section, whichever is applicable.

(e) Except as otherwise provided in Section 1-9-510 of this

title, upon timely filing of a continuation statement, the

effectiveness of the initial financing statement continues for a

period of five (5) years commencing on the day on which the

financing statement would have become ineffective in the absence of

the filing. Upon the expiration of the five-year period, the

financing statement lapses in the same manner as provided in

subsection (c) of this section, unless, before the lapse, another

continuation statement is filed pursuant to subsection (d) of this

section. Succeeding continuation statements may be filed in the

same manner to continue the effectiveness of the initial financing

statement.

(f) If a debtor is a transmitting utility and a filed financing

statement so indicates, the financing statement is effective until a

termination statement is filed.

(g) A record of a mortgage that is effective as a financing

statement filed as a fixture filing under subsection (c) of Section

1-9-502 of this title remains effective as a financing statement

filed as a fixture filing until the mortgage is released or

satisfied of record or its effectiveness otherwise terminates as to

the real property.