Section 55-9-704 - Temporary transition provision; security interest unperfected before effective date.

55-9-704. Temporary transition provision; security interest unperfected before effective date.

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 until midnight June 30, 2002;   

(2)     remains enforceable on and after July 1, 2002 if the security interest becomes enforceable pursuant to Section 55-9-203 NMSA 1978 before June 30, 2002; and   

(3)     becomes perfected:   

(A)     without further action on July 1, 2002 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 the time specified in Paragraph (A) of this subsection.