§ 9-704. Security interest unperfected before effective date

   A security interest that is enforceable immediately before this title 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 title takes effect;

   (2) Remains enforceable thereafter if the security interest becomes enforceable under § 9-203 when this title takes effect or within one year thereafter; and

   (3) Becomes perfected:

      (A) Without further action, when this title takes effect if the applicable requirements for perfection under this title 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.

HISTORY: 1999, ch. 282, § 2.