Section 7-9A-704 Security Interest Unperfected Before January 1, 2002.
111 words·~1 min read·
/al/title-7-commercial-code/part-7-transition/7-9a-704·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A security interest that is enforceable immediately before January 1, 2002, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1)remains an enforceable security interest for one year after January 1, 2002;
(2)remains enforceable thereafter if the security interest becomes enforceable under Section 7-9A-203 on January 1, 2002, or within one year thereafter; and
(3)becomes perfected:
(A)without further action, on January 1, 2002, if the applicable requirements for perfection under this article are satisfied before or at that time; or
(B)when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.