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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

009

:
Secured Transactions











 

§

9-703. Security interest perfected before effective date

(a) A security

interest that is enforceable immediately before July 1, 2001, 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 as in effect on and after

July 1, 2001, if, on July 1, 2001, the applicable requirements for

enforceability and perfection under this article as in effect on and after July

1, 2001, are satisfied without further action.

(b) Except as

otherwise provided in Section 9-705 of this part, if, immediately before July

1, 2001, 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 the provisions

of this article as in effect on and after July 1, 2001, are not satisfied when

such provisions take effect, the security interest:

(1) is a

perfected security interest until June 30, 2002;

(2) remains enforceable

thereafter only if the security interest becomes enforceable under Section

9-203 of this article as in effect on and after July 1, 2001, on or before the

date set forth in subdivision (1) of this subsection; and

(3) remains

perfected thereafter only if the applicable requirements for perfection under

this article as in effect on and after July 1, 2001, are satisfied before July

1, 2002. (Added 2001, No. 46, § 12.)