(1) If a security interest is perfected or has priority on April 1, 1978, as to all persons or as to certain persons without any filing or recording, and if the filing of a financing statement would be required for the perfection or priority of the security interest against those persons under the revised Uniform Commercial Code, the perfection and priority rights of the security interest shall continue until three (3) years after April 1, 1978. The perfection will then lapse unless a financing statement is filed as provided in Section 75-11-104 or unless the security interests is perfected otherwise than by filing.

(2) A financing statement may be filed within six (6) months before the perfection of a security interest would otherwise lapse. Any such financing statement may be signed by either the debtor or the secured party. It must identify the security agreement, statement or notice (however denominated in any statute or other law repealed or modified by Chapter 452, Laws of 1977), state the office where and the date when the last filing, refiling or recording, if any, was made with respect thereto, and the filing number, if any, or book and page, if any, of recording and further state that the security agreement, statement or notice, however denominated, in another filing office under the old Uniform Commercial Code or under any statute or other law repealed or modified by Chapter 452, Laws of 1977, is still effective. Section 75-9-501 determines the proper place to file such a financing statement. Except as specified in this subsection, the provisions of Section 75-9-510 for continuation statements apply to such a financing statement.