11-9-704. Security interest unperfected before effective date.
109 words·~1 min read·
/ga/title-11-commercial-code/part-7-2001-transition/11-9-704·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 July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
Remains an enforceable security interest on and for one year after July 1, 2001;
Remains enforceable thereafter if the security interest becomes enforceable under Code Section 11-9-203 on July 1, 2001, or within one year thereafter; and
Becomes perfected:
Without further action, on July 1, 2001, if the applicable requirements for perfection under this article are satisfied before or at that time; or
When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.