McRae v. SECURITY PACIFIC HOUSING SERV.

The United States Bankruptcy Court for the Northern District of Alabama, Western Division, certified the following question of law to us:

"Does the last sentence of Ala. Code § 7-9-403(6) mean that a financing statement perfecting a security interest in a pre-1990 mobile home lapses after 5 years under Ala. Code § 7-9-403(2) where the financing statement does not state specifically that it will remain effective until a termination statement is filed or, contain other indicia of the maturity date of obligation beyond the 5-year period?"

The question of law presented is deemed determinative of…