TITLE 6A

Uniform Commercial Code

CHAPTER 6A-9

Secured Transactions

PART 6A-9-701

Transition

SECTION 6A-9-703



   § 6A-9-703  Security interest perfected

before effective date. –

(a) Continuing priority over lien creditor: perfection requirements

satisfied. A security interest that is enforceable immediately before this

chapter takes effect and would have priority over the rights of a person that

becomes a lien creditor at that time is a perfected security interest under

this chapter if, when this chapter takes effect, the applicable requirements

for enforceability and perfection under this chapter are satisfied without

further action.



   (b) Continuing priority over lien creditor: perfection

requirements not satisfied. Except as otherwise provided in §

6A-9-705, if, immediately before this chapter takes effect, a security interest

is enforceable and would have priority over the rights of a person that becomes

a lien creditor at that time, but the applicable requirements for

enforceability or perfection under this chapter are not satisfied when this

chapter takes effect, the security interest:



   (1) Is a perfected security interest for one year after this

chapter takes effect;



   (2) Remains enforceable thereafter only if the security

interest becomes enforceable under § 6A-9-203 before the year expires; and



   (3) Remains perfected thereafter only if the applicable

requirements for perfection under this chapter are satisfied before the year

expires.



History of Section.

(P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.)