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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.)