Missouri Revised Statutes













Chapter 400

Uniform Commercial Code

←400.09-704

Section 400.9-705.1

400.09-706→

August 28, 2015

Effectiveness of action taken before effective date.

400.9-705. (a) If action, other than the filing of a financing

statement, is taken before July 1, 2001, and the action would have resulted

in priority of a security interest over the rights of a person that becomes a

lien creditor had the security interest become enforceable before July 1,

2001, the action is effective to perfect a security interest that attaches

under this act within one year after July 1, 2001. An attached security

interest becomes unperfected one year after July 1, 2001, unless the security

interest becomes a perfected security interest under this act before the

expiration of that period.



(b) The filing of a financing statement before July 1, 2001, is

effective to perfect a security interest to the extent the filing would

satisfy the applicable requirements for perfection under this act.



(c) This act does not render ineffective an effective financing

statement that, before July 1, 2001, is filed and satisfies the applicable

requirements for perfection under the law of the jurisdiction governing

perfection as provided in former section 400.9-103. However, except as

otherwise provided in subsections (d) and (e) and section 400.9-706, the

financing statement ceases to be effective at the earlier of:



(1) The time the financing statement would have ceased to be effective

under the law of the jurisdiction in which it is filed; or



(2) June 30, 2006.



(d) The filing of a continuation statement after July 1, 2001, does not

continue the effectiveness of the financing statement filed before July 1,

2001. However, upon the timely filing of a continuation statement after July

1, 2001, and in accordance with the law of the jurisdiction governing

perfection as provided in Part 3, the effectiveness of a financing statement

filed in the same office in that jurisdiction before July 1, 2001, continues

for the period provided by the law of that jurisdiction.



(e) Subsection (c)(2) applies to a financing statement that, before July

1, 2001, is filed against a transmitting utility and satisfies the applicable

requirements for perfection under the law of the jurisdiction governing

perfection as provided in former section 400.9-103 only to the extent that

Part 3 provides that the law of a jurisdiction other than jurisdiction in

which the financing statement is filed governs perfection of a security

interest in collateral covered by the financing statement.



(f) A financing statement that includes a financing statement filed

before July 1, 2001, and a continuation statement filed after July 1, 2001,

is effective only to the extent that it satisfies the requirements of Part 5

for an initial financing statement.



(L. 2001 S.B. 288)



Effective 7-01-01







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