Sec. 9-703. Security interest perfected before effective date.
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Sec. 9-703. Security interest perfected before effective date.
(a)Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before the effective date of this amendatory Act of the 91st General Assembly 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 Act if, on the effective date of this amendatory Act of the 91st General Assembly, the applicable requirements for enforceability and perfection under this Act are satisfied without further action.
(b)Continuing priority over lien creditor: perfection requirements not satisfied. Except as otherwise provided in Section 9-705, if, immediately before the effective date of this amendatory Act of the 91st General Assembly, 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 Act are not satisfied on the effective date of this amendatory Act of the 91st General Assembly, the security interest:
(1)is a perfected security interest for one year after the effective date of this
amendatory Act of the 91st General Assembly;
(2)remains enforceable thereafter only if the security interest becomes enforceable
under Section 9-203 before the year expires; and
(3)remains perfected thereafter only if the applicable requirements for perfection
under this Act are satisfied before the year expires.