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Code · Delaware · Title 6 — Commerce and Trade · Chapter 9

§ 9-803. Security interest perfected before effective date.

347 words·~2 min read·/de/title-6/chapter-9/9-803

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Continuing perfection: perfection requirements satisfied. — A security interest that is a perfected security interest immediately before this Act takes effect is a perfected security interest under Article 9 as amended by this Act if, when this Act takes effect, the applicable requirements for attachment and perfection under Article 9 as amended by this Act are satisfied without further action.
(b)Continuing perfection: perfection requirements not satisfied. — Except as otherwise provided in Section 9-805, if, immediately before this Act takes effect, a security interest is a perfected security interest, but the applicable requirements for perfection under Article 9 as amended by this Act are not satisfied when this Act takes effect, the security interest remains perfected thereafter only if the applicable requirements for perfection under Article 9 as amended by this Act are satisfied within one year after this Act takes effect.
(c)Special transition provision regarding trusts and trustees. — If, immediately before this Act takes effect, a security interest against a debtor that is a trust or trustee is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but, pursuant to Section 9-503(a)(3) (dealing with the sufficiency of the name of the debtor if the collateral is held in a trust), the financing statement filed in this State prior to the date this Act takes effect naming the trust or trustee as the debtor would be ineffective under this Act solely because it does not sufficiently provide the name of the debtor, the financing statement remains effective to the same extent as under former Article 9 of the Uniform Commercial Code (and shall remain effective by filing continuation statements naming the debtor as in the financing statement to be continued) if
(i)the trust is a trust created under the provisions of Chapter 38 of Title 12 (the Delaware Statutory Trust Act),
(ii)the trust is a common law business trust, or
(iii)a trustee of the trust is an organization authorized under the laws of this State to exercise corporate trust powers.
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