Section 9--706. When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement

(a) Initial financing statement in lieu of continuation statement. The
  filing of an initial financing statement  in  the  office  specified  in
  Section  9--501  continues  the  effectiveness  of a financing statement
  filed before Revised Article 9 takes effect if:
         (1) the filing of an initial financing statement in  that  office
             would  be  effective  to  perfect  a  security interest under
             Revised Article 9;
         (2) the pre-effective-date financing statement was  filed  in  an
             office in another state or another office in this state; and
         (3) the initial financing statement satisfies subsection (c).
    (b) Period  of  continued  effectiveness.  The  filing  of  an initial
  financing statement under subsection (a) continues the effectiveness  of
  the pre-effective-date financing statement:
         (1) if  the  initial  financing statement is filed before Revised
             Article 9 takes effect, for the  period  provided  in  Former
             Section 9--403 with respect to a financing statement; and
         (2) if  the  initial  financing  statement is filed after Revised
             Article 9 takes effect, for the period  provided  in  Section
             9--515 with respect to an initial financing statement.
    (c) Requirements for initial financing statement under subsection (a).
  To  be  effective  for  purposes of subsection (a), an initial financing
  statement must:
         (1) satisfy the requirements of Part 5 for an  initial  financing
             statement;
         (2) identify   the   pre-effective-date  financing  statement  by
             indicating the office in which the  financing  statement  was
             filed  and providing the dates of filing and file numbers, if
             any, of the  financing  statement  and  of  the  most  recent
             continuation  statement  filed  with respect to the financing
             statement; and
         (3) indicate  that  the  pre-effective-date  financing  statement
             remains effective.