NAC104.230. Action on lapse date.

If a continuation of a financing statement is not timely filed, the financing statement lapses on its lapse date, but the filing officer will take no action concerning the financing statement at that time. On the first anniversary of the lapse date, the information management system will render the financing statement inactive and the financing statement will no longer be made available to a searcher unless inactive financing statements are requested by the searcher and the financing statement is still retrievable by the information management system.

     (Added to NAC by Sec’y of State by R084-01, eff. 10-30-2001)