Business and Personal Finance Dictionary

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  A form and process by which a secured party extends the priority of its security interest in the public record. The priority of liens created under Article 9 of the UCC is usually established by filing a financing statement. Under the provisions of Article 9, financing statements are only valid for five years. However, a financing statement can be renewed by filing a continuation statement, usually a UCC-3 form. Continuations must be filed no earlier than six months prior to the expiration of the financing statement and no later than the expiration date of the financing statement. Continuations last for five years and can be extended by filing another continuation.
  
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