TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 9

SECURED TRANSACTIONS

PART 7.

TRANSITION

28-9-704.  Security interest unperfected before effective date. A security interest that is enforceable immediately before this act 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 (1) year after this act takes effect;

(2)  Remains enforceable thereafter if the security interest becomes enforceable under section 28-9-203 when this act takes effect or within one (1) year thereafter; and

(3)  Becomes perfected:

(A)  Without further action, when this act takes effect 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 that time.

History:

[28-9-704, added 2001, ch. 208, sec. 2, p. 797.]