(1) Continuation of lapse date. Upon the timely filing of one or more continuation statements by any secured party(s) of record, the lapse date of the financing statement is postponed for five years. The lapse date is postponed once only, even if more than one continuation statement is filed within a given six-month period prior to a lapse date.

(2) Status. The filing of a continuation has no effect upon the status of any party to the financing statement or upon the status of the financing statement.