Personal Property Secured Transactions Act Article 9

The effective period of registration of a personal property secured transaction shall be as stipulated by the contract; if not stipulated by the contract, it shall be one year from the date of registration. Within 30 days before the end of that period, the creditor may apply for an extension of the registration period, which shall be effective from the day following the end of the original registration period.The effective period of an extension of the registration period as stipulated in the preceding paragraph shall not exceed one year.The registration authority shall handle the extension of the registration period in accordance with Articles 7 and 8 and notify the debtor. If the subject property is owned by a third party, the third party shall also be notified.