§ 36-9-704. Security interest unperfected before effective date.
123 words·~1 min read·
/sc/title-36-commercial-code/chapter-9/commercial-code-secured-transactions/36-9-704·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 36-9-704. Security interest unperfected before effective date.
A security interest that is enforceable immediately before this act takes effect 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 this act takes effect;
(2)remains enforceable thereafter if the security interest becomes enforceable under Section 36-9-203 when this act takes effect or within one year thereafter; and
(3)becomes perfected:
(A)without further action, when this act takes effect if the applicable requirements for perfection under this act 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.