70A-9a-704 - Security interest unperfected before effective date.
70A-9a-704. Security interest unperfected before effective date.
A security interest that is enforceable immediately before this act takes effect but whichwould 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 underSection 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 forperfection under this act are satisfied before or at that time; or
(b) when the applicable requirements for perfection are satisfied if the requirements aresatisfied after that time.
Enacted by Chapter 252, 2000 General Session