TITLE 6A

Uniform Commercial Code

CHAPTER 6A-9

Secured Transactions

PART 6A-9-701

Transition

SECTION 6A-9-705



   § 6A-9-705  Effectiveness of action taken

before effective date. –

(a) Pre-effective-date action; one-year perfection period unless

reperfected. If action, other than the filing of a financing statement, is

taken before this chapter takes effect 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 this chapter takes

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

under this chapter within one year after this chapter takes effect. An attached

security interest becomes unperfected one year after this chapter takes effect

unless the security interest becomes a perfected security interest under this

chapter before the expiration of that period.



   (b) Pre-effective-date filing. The filing of a

financing statement before this chapter takes effect is effective to perfect a

security interest to the extent the filing would satisfy the applicable

requirements for perfection under this chapter.



   (c) Pre-effective-date filing in jurisdiction formerly

governing perfection. This chapter does not render ineffective an effective

financing statement that, before this chapter takes effect, is filed and

satisfies the applicable requirements for perfection under the law of the

jurisdiction governing perfection as provided in former § 6A-9-103.

However, except as otherwise provided in subsections (d), (e), and (g) and

§ 6A-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) Continuation statement. The filing of a

continuation statement after this chapter takes effect does not continue the

effectiveness of the financing statement filed before this chapter takes

effect. However, upon the timely filing of a continuation statement after this

chapter takes effect 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 this chapter

takes effect continues for the period provided by the law of that jurisdiction.



   (e) Application of subsection (c)(2) to transmitting

utility financing statement. Subsection (c)(2) applies to a financing

statement that, before this chapter takes effect, 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

§ 6A-9-103 only to the extent that part 3 provides that the law of a

jurisdiction other than the jurisdiction in which the financing statement is

filed governs perfection of a security interest in collateral covered by the

financing statement.



   (f) Application of part 5. A financing statement that

includes a financing statement filed before this chapter takes effect and a

continuation statement filed after this chapter takes effect is effective only

to the extent that it satisfies the requirements of part 5 for an initial

financing statement.



   (g) Financing statement effective under subsection

(b). The following rules apply to a filed financing statement that is

effective under subsection (b):



   (1) Subdivision (c)(2) does not apply.



   (2) The filing of a continuation statement with respect to

the financing statement is timely if the filing occurs before the financing

statement ceases to be effective and not before the earlier of December 30,

2005 or six (6) months before the effectiveness of the financing statement

would lapse.



   (h) Timely filing of certain continuation statements.

The filing of a continuation statement with respect to a financing statement

that was filed and effective before the effective date of this chapter, and

whose effectiveness would lapse after June 30, 2006 but for subdivision (c)(2)

is timely if the filing occurs before the financing statement ceases to be

effective or December 30, 2005.



History of Section.

(P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6; P.L. 2006, ch.

165, § 1; P.L. 2006, ch. 194, § 1.)