(a) Continuation of lapse date. Upon the timely filing
of one or more continuation statements by any secured party(ies) of
record, the lapse date of the financing statement shall be postponed
for five years. The lapse date is postponed once notwithstanding the
fact that more than one continuation statement is filed within a given
six-month period prior to a lapse date. Notwithstanding the immediate
postponement of the lapse date with respect to one or more secured
parties of record who file timely a continuation statement within
a given six-month period prior to a lapse date, such lapse date remains
effective solely for purposes of determining whether or not a subsequent
continuation statement filed in the same six-month period is timely.
(b) Status. The filing of a continuation statement
shall have no effect upon the status of any party to the financing
statement or upon the status of the financing statement.
Source Note: The provisions of this §95.308 adopted to be effective July 1, 2012, 37 TexReg 4571