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Code · New Jersey · Title 12A — Commercial Transactions · Chapter 9

12A:9-803. Security interest perfected before effective date.

150 words·~1 min read·/nj/title-12a/chapter-9/12a-9-803

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Security Interest Perfected Before Effective Date.
(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 Chapter 9 as amended by this act if, when this act takes effect, the applicable requirements for attachment and perfection under Chapter 9 as amended by this act are satisfied without further action.
(b)Continuing perfection: perfection requirements not satisfied. Except as otherwise provided in 12A:9-805, if, immediately before this act takes effect, a security interest is a perfected security interest, but the applicable requirements for perfection under Chapter 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 Chapter 9 as amended by this act are satisfied within one year after this act takes effect.
L.2013, c.65, s.30.
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