§ 9-703. Security interest perfected before effective date

   (a) A security interest that is enforceable immediately before this title takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this title if, when this title takes effect, the applicable requirements for enforceability and perfection under this title are satisfied without further action.

(b) Except as otherwise provided in § 9-705, if, immediately before this title takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this title are not satisfied when this title takes effect, the security interest:

   (1) Is a perfected security interest for one year after this title takes effect;

   (2) Remains enforceable thereafter only if the security interest becomes enforceable under § 9-203 before the year expires; and

   (3) Remains perfected thereafter only if the applicable requirements for perfection under this title are satisfied before the year expires.

HISTORY: 1999, ch. 282, § 2.