§9-1703. Security interest perfected before effective date
(1).
A security interest that is enforceable immediately before this Article takes effect 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 if, when this Article
takes effect, the applicable requirements for enforceability and perfection under this Article are satisfied without further
action.
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(2).
Except as otherwise provided in section 9-1705, if, immediately before this Article takes effect, 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 this Article are not satisfied when this Article takes effect, the security
interest:
(a). Is a perfected security interest for one year after this Article takes effect; [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(b). Remains enforceable thereafter only if the security interest becomes enforceable under section 9-1203 before the year expires;
and [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(c). Remains perfected thereafter only if the applicable requirements for perfection under this Article are satisfied before
the year expires. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
SECTION HISTORY
1999, c. 699, §A2 (NEW).
1999, c. 699, §A4 (AFF).
Data for this page extracted on 10/16/2012 08:20:53.