§9-805. Effectiveness of action taken before effective date

Link to law: http://legislature.vermont.gov/statutes/section/09A/009/00805
Published: 2015

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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

009

:
Secured Transactions











 

§

9-805. Effectiveness of action taken before effective date

(a) The filing

of a financing statement before the Act takes effect is effective to perfect a

security interest to the extent the filing would satisfy the applicable

requirements for perfection under article 9 of this title, as amended by the

Act.

(b) The Act does

not render ineffective an effective financing statement that, before the Act

takes effect, is filed and satisfies the applicable requirements for perfection

under the law of the jurisdiction governing perfection as provided in article 9

of this title as it existed before the amendment. However, except as otherwise

provided in subsections (c) and (d) of this section and section 9-806 of this

title, the financing statement ceases to be effective:

(1) if the

financing statement is filed in this State, at the time the financing statement

would have ceased to be effective had the Act not taken effect; or

(2) if the

financing statement is filed in another jurisdiction, at the earlier of:

(A) the time the

financing statement would have ceased to be effective under the law of that

jurisdiction; or

(B) June 30,

2019.

(c) The filing

of a continuation statement after the Act takes effect does not continue the

effectiveness of a financing statement filed before the Act takes effect.

However, upon the timely filing of a continuation statement after the Act takes

effect and in accordance with the law of the jurisdiction governing perfection

as provided under article 9 of this title, as amended by the Act, the

effectiveness of a financing statement filed in the same office in that

jurisdiction before the Act takes effect continues for the period provided by

the law of that jurisdiction.

(d) Subdivision

(b)(2)(B) of this section applies to a financing statement that, before the Act

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 article 9 of this title, as it existed

before amendment, only to the extent that article 9 of this title, as amended

by the Act, 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.

(e) A financing

statement that includes a financing statement filed before the Act takes effect

and a continuation statement filed after the Act takes effect is effective only

to the extent that it satisfies the requirements of article 9, part 5 of this

title, as amended by the Act, for an initial financing statement. A financing

statement that indicates that the debtor is a decedent's estate indicates that

the collateral is being administered by a personal representative within the

meaning of subdivision 9-503(a)(2) of this title, as amended by the Act. A

financing statement that indicates that the debtor is a trust or is a trustee

acting with respect to property held in trust indicates that the collateral is

held in a trust within the meaning of subdivision 9-503(a)(3) of this title, as

amended by the Act. (Added 2013, No. 157 (Adj. Sess.), § 1.)
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