OAR 160-040-0309: Continuation

(1) Continuation of lapse date. Upon the timely filing of one or more continuations by any secured party(ies) of record, the lapse date of the financing statement shall be extended for five years. (2) Status of parties. The filing of a continuation shall have no effect upon the status of any party to the financing statement. (3) Status of financing statement. Upon the filing of a continuation statement, the status of the financing statement remains active.