§ 25-9-704. Security interest unperfected before effective date.
§25‑9‑704. Security interest unperfected before effective date.
A security interest that isenforceable immediately before July 1, 2001 but which would be subordinate tothe rights of a person that becomes a lien creditor at that time:
(1) Remains an enforceablesecurity interest for one year after July 1, 2001;
(2) Remains enforceablethereafter if the security interest becomes enforceable under G.S. 25‑9‑203on July 1, 2001 or within one year thereafter; and
(3) Becomes perfected:
a. Without further action,on July 1, 2001 if the applicable requirements for perfection under this actare satisfied before or at that time; or
b. When the applicablerequirements for perfection are satisfied if the requirements are satisfiedafter that time. (2000‑169, s. 1.)