§9-1703. Security interest perfected before effective date








(1). 
 
A security interest that is enforceable immediately before this Article 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 Article if, when this Article
takes effect, the applicable requirements for enforceability and perfection under
this Article are satisfied without further action.


[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]








(2). 
 
Except as otherwise provided in section 9-1705, if, immediately before this Article
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 Article are not satisfied when this Article
takes effect, the security interest:





(a). Is a perfected security interest for one year after this Article takes effect; [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]











(b). Remains enforceable thereafter only if the security interest becomes enforceable
under section 9-1203 before the year expires; and [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]











(c). Remains perfected thereafter only if the applicable requirements for perfection
under this Article are satisfied before the year expires. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]








[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]





SECTION HISTORY

1999, c. 699, §A2 (NEW).
1999, c. 699, §A4 (AFF).