70A-9a-704. Security interest unperfected before effective date.
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70A-9a-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 70A-9a-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.
Enacted by Chapter 252 , 2000 General Session