§ 9-704. 9-704
115 words·~1 min read·
/us/ucc/a9/s9-704A 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 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 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.