§ 6A-9-704. Security interest unperfected before effective date.
A security interest that is enforceable immediately before this chapter takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) Remains an enforceable security interest for one year after this chapter takes effect;
(2) Remains enforceable thereafter if the security interest becomes enforceable under § 6A-9-203 when this chapter takes effect or within one year thereafter; and
(3) Becomes perfected:
(i) Without further action, when this chapter takes effect if the applicable requirements for perfection under this chapter are satisfied before or at that time; or
(ii) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
History of Section.
P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.