57A-9-704. Enforceability and perfection of security interest enforceable immediately prior to July 1, 2001, and subordinate to lien creditor.
111 words·~1 min read·
/sd/title-57/chapter-57-9/57a-9-704A 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:
(1)Remains an enforceable security interest for one year after July 1, 2001;
(2)Remains enforceable thereafter if the security interest becomes enforceable under § 57A-9-203 on July 1, 2001, or within one year thereafter; and
(3)Becomes perfected:
(A)Without further action, on July 1, 2001, if the applicable requirements for perfection under this chapter 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.