Big O Tires maintains a line of credit with Boone County Bank.  The parties entered into an agreement in which Big O Tires gave Boone County Bank a security interest in its automobile repair equipment to secure the line of credit. Boone County Bank perfected its security interest by filing a UCC-1 in the proper filing office.

Which of the following statements is correct?

1) By filing the UCC-1, Boone County Bank has perfected its security interest for an indefinite period of time.

2) The UCC-1 remains in effect for 5 years from its filing date and can be renewed by filing a continuation statement at any time during the initial 5 year period.

3) The UCC-1 remains in effect for 5 years from its filing date and can be renewed by filing a continuation statement during the last 6 months of the initial 5 year period.

4) The UCC-1 remains in effect for 5 years from its filing date and can be renewed, but only by filing a new UCC-1 during the last 6 months of the initial 5 year period.