On December 1, 2002, Tar Heel Bank (Bank) filed a financing statement covering all of the inventory, equipment, and accounts of Duke Basketball Manufacturer (Duke), as part of a transaction in which Duke obtained a $100,000 line of credit secured by all of its present and after-acquired equipment. Of course, a line of credit was a necessity for Duke because of the poor business that resulted from its unwise company name choice. The line of credit remains in place.

On December 1, 2007, Bank filed a continuation statement purporting to extend the effectiveness of its December 1, 2002 filing.

On November 1, 2012, Bank filed a second continuation statement purporting to further extend the effectiveness of its December 1, 2002 filing.

Which statement is correct about the Bank's ability to file another continuation statement in 2017?

(1) The latest date the Bank could file an effective continuation statement would be November 1, 2017

(2) Bank cannot file an effective continuation statement in 2017, because the December 1, 2007 was ineffective and thus Bank's perfection has already lapsed.

(3) The latest date the Bank could file an effective continuation statement would be December 1, 2017

(4) Bank cannot file an effective continuation statement in 2017, because only one continuation statement can be filed per initial financing statement.