SECTION 95.408. Lapse Date and Time

A lapse date is calculated for each Initial financing statement (unless the debtor is indicated to be a transmitting utility). 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, but if the Initial financing statement indicates that it is filed with respect to a public-finance transaction or a manufactured-home transaction, the lapse date is the same date of the same month as the filing date in the thirtieth year after the filing date. 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 in the fifth year following the year of the filing date. If the last day of any period is a Saturday, Sunday, or legal holiday, the period is extended to include the next day that is not a Saturday, Sunday, or legal holiday in accordance with §311.014(b), Texas Government Code.

Source Note: The provisions of this §95.408 adopted to be effective July 1, 2012, 37 TexReg 4571; amended to be effective January 9, 2014, 39 TexReg 73