Published: 2015-07-08
Key Benefits:
(a) The changes to this division made by the act adding this chapter become operative on January 1, 2015.
(b) This chapter applies to a security interest only to the extent that, with respect to such security interest, both of the following apply:
(1) A debtor is an individual.
(2) A financing statement filed before January 1, 2015, provides the name of an individual as a debtor.
(c) If a security interest is within the scope of Chapter 8 (commencing with Section 9801), that chapter continues to apply. To the extent there is a conflict between Chapter 8 (commencing with Section 9801) and this chapter, this chapter governs.
(Added by Stats. 2014, Ch. 284, Sec. 2. Effective January 1, 2015.)
(a) Except as otherwise provided in this chapter, the changes to this division made by the act adding this chapter apply to a transaction or lien within its scope, even if the transaction or lien was entered into or created before January 1, 2015.
(b) The changes to this division made by the act adding this chapter do not affect an action, case, or proceeding commenced before January 1, 2015.
(Added by Stats. 2014, Ch. 284, Sec. 2. Effective January 1, 2015.)
A security interest that is a perfected security interest immediately before January 1, 2015, is a perfected security interest under this division as amended by this act if, as of January 1, 2015, the applicable requirements for attachment and perfection under this division as of that date are satisfied without further action.
(Added by Stats. 2014, Ch. 284, Sec. 2. Effective January 1, 2015.)
A security interest that is an unperfected security interest immediately before January 1, 2015, becomes a perfected security interest as follows:
(a) Without further action, on January 1, 2015, if the applicable requirements for perfection under this division as amended by this act are satisfied before or at that time.
(b) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
(Added by Stats. 2014, Ch. 284, Sec. 2. Effective January 1, 2015.)
(a) The filing of a financing statement before January 1, 2015, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this division as amended by this act.
(b) The changes to this division made by the act adding this chapter do not render ineffective an effective financing statement that, before January 1, 2015, is filed and satisfies the applicable requirements for perfection under this division (including giving effect to Chapter 8 (commencing with Section 9801)) as it existed before giving effect to the changes to this division made by the act adding this chapter. However, except as otherwise provided in subdivision (c), the financing statement ceases to be effective at the time the financing statement would have ceased to be effective had the changes to this division made by the act adding this chapter not become effective and operative.
(c) The timely filing of a continuation statement on or after January 1, 2015, continues the effectiveness of a financing statement filed before January 1, 2015, if the financing statement (including any amendments) contains the name of the debtor in accordance with the requirements of Chapter 5 (commencing with Section 9501) as amended by the act adding this chapter for an initial financing statement.
(d) A financing statement (including any amendments) that includes a financing statement filed before January 1, 2015, and a continuation statement filed after January 1, 2015, is effective only to the extent that they satisfy the requirements of Chapter 5 (commencing with Section 9501) as amended by the act adding this chapter for an initial financing statement.
(Added by Stats. 2014, Ch. 284, Sec. 2. Effective January 1, 2015.)
A person may file an initial financing statement or a continuation statement under this chapter if the following conditions are satisfied:
(a) The secured party of record authorizes the filing.
(b) The filing is necessary under this division to accomplish either of the following:
(1) To continue the effectiveness of a financing statement filed before January 1, 2015.
(2) To perfect or continue the perfection of a security interest.
(Added by Stats. 2014, Ch. 284, Sec. 2. Effective January 1, 2015.)
The changes to this division made by the act adding this chapter determine the priority of conflicting claims to the collateral. However, if the relative priorities of the claims were established before those changes become effective and operative on January 1, 2015, this division as it existed before those changes become effective and operative determines priority.
(Added by Stats. 2014, Ch. 284, Sec. 2. Effective January 1, 2015.)
