Section 440.404. Lapse date and time.

(1) Except as provided in subrule (3) of this rule, a lapse  date   is calculated for each initial financing statement in the following manner:

(a)  Unless the initial financing statement indicates that it is filed with respect to a manufactured home transaction, then 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    a timely continuation statement is filed.

(b)    If the initial financing statement indicates that it is filed with respect to a manufactured home transaction, then the lapse date is the same date of the same month as the filing date in the thirtieth year after the filing date or relevant subsequent fifth anniversary thereof   if    a timely continuation statement is filed.

(2)    The lapse takes effect at midnight at the end of the lapse date. The relevant anniversary for a February 29 filing date shall be March 1.

(3)   A lapse date is not calculated for an initial financing statement that indicates the debtor to be a transmitting utility.

History: 2002 MR 21, Eff. Nov. 20, 2002.